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pentagon [3]
3 years ago
6

Multiple-Choice Questions on Consolidation Overview [AICPA Adapted]

Business
1 answer:
boyakko [2]3 years ago
4 0

Answer: 1. D. Economic entity

2. C. Circumstances prevent the exercise of control.

3. B. Consolidation used for both Sell and Vane.

4. B. In form, the companies are separate; in substance, they are one entity

Explanation:

1. When a parent–subsidiary relationship exists, it can be infered that consolidated financial statements will be prepared in recognition of the accounting concept of economic entity.

2. Consolidated financial statements are prepared when one company has a controlling interest in another unless the circumstances prevent the exercise of control.

3. Based on the information given, in Penn’s consolidated financial statements, it should be noted that Sell and Vane should be consolidated. Therefore, the correct option is B.

4. The best theoretical justification for consolidated financial statements is that in form, the companies are separate while in substance, they are regarded as one entity.

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Answer:

c. smoke-roasting

Explanation:

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Parsons Company is planning to produce 2,900 units of product in 2020. Each unit requires 2.00 pounds of materials at $7.00 per
olga55 [171]

Answer:

Results are below.

Explanation:

<u>First, we need to calculate the total cost of producing 2,900 units:</u>

Total cost= direct material + direct labor + allocated overhead

Total cost= (2*7)*2,900 + (0.5*16)*2,900 + [(0.5*16)*0.6]*2,900

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<u>Now, the unitary standard cost:</u>

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3 0
2 years ago
When considering where to export, advantages to managers of focusing on a nation that is already a sizable purchaser of goods co
NNADVOKAT [17]

Answer:

Option "C" is the correct answer to the following statement.

Explanation:

While deciding where to sell, export and import laws are not insuperable for managers to rely on a country that is a large consumer of goods imported from native countries.

  • Many products sold to a foreign investor need no export license. Both products are however subject to the laws and legislation on export control.
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7 0
2 years ago
67 people of 350 surveyed gave your company five stars. Of men, 40 out of 175 gave your company five stars. Was your company rat
marishachu [46]

Answer:

The company was rated 5 stars more by Men

Explanation:

Given that

General population = 67/350

Men = 40/175

In checking the percentage ratio, we have

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b. Men population

= (40/175) × 100

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Thus, seeing that 22.85% > 19.14%, therefore, company was rated 5 stars more among the men population.

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2 years ago
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