60) Management accountants rarely interact with employees from other business functions such as marketing and customer service. 61) The CFO is the person responsible for the day-to-day operations of the company. 62) The treasurer and the controller report directly to the CFO. 63) The internal audit department reports directly to the audit committee, a subcommittee of the board of directors. 64) Managerial accountants no longer perform routine mechanical accounting tasks in most companies. 65) Managerial accountants are now considered to be similar to advisors and business analysts. 66) Oral and written communications skills are considered among the most valuable skills […]

78) Delivery expenses are charged to which of the following areas? A) Distribution B) Customer service C) Production or purchases D) Marketing 79) A product support hot line would be considered A) marketing. B) distribution. C) production or purchases. D) customer service. 80) Place the value chain elements in the correct order by numbering them from 1 to 6. ___Design ___Customer Service ___Marketing ___Research and Development ___Distribution ___Production or Purchases 81) Place the letter for the appropriate value chain activity on the line in front of each item. Letters may be used more than once or not at all. Assume […]

  94.Martinez and Lopez are partners in business named Builders' Services. For the year ended December 31, 2016, net income for Builders' Services was $60,000.Net income or loss is allocated on the basis of the balances of the partners' capital accounts at the beginning of the year. On January 1, 2016, the balances were Martinez, $48,000, and Lopez, $24,000. 1. How much of the net income will be allocated to Martinez?2. How much of the net income will be allocated to Lopez?          95.Escobar and Woods are partners who share profits and losses in the ratio of 60 […]

    31.Under the gross profit method, the cost of the ending inventory is determined by applying the gross profit ratio to net sales and then subtracting the gross profit calculated from the cost of goods available for sale.          32.Under the gross profit method, the cost of the ending inventory is determined by applying the gross profit ratio to net sales and then subtracting the cost of goods sold from the cost of goods available for sale.          33.The gross profit method of estimating inventory enables managers to prepare budgets and proforma (forecast or anticipated) […]

    59.Robert Ballard, a sole proprietor, entered into partnership with another individual. Ballard's investment in the partnership included equipment that cost $64,000 when it was purchased. The equipment has a book value of $26,000 and a net agreed-on value of $32,000. In the financial records of the partnership, this equipment and its accumulated depreciation should be recorded at    A. $64,000 and $38,000, respectively.   B. $32,000 and $6,000, respectively.   C. $32,000 and $0, respectively.   D. $26,000 and $0, respectively.         60.When the owner of a sole proprietorship accepts a partner, the assets of the proprietorship    A. must be transferred […]