A(n) ________ is defined as a product or service that people desire

Available-for-sale (AFS) investments that are expected to be held longer than a year are reported as ________

A) equity B) current assets C) long-term assets D) either current assets or long-term assets

Nevada Manufacturing has two processing departments, Department I and Department II

The raw materials processed at Department I are sent to Department II for further processing. During June, direct materials worth $40,000 purchased on account were assigned to Department I. The journal entry to record the issue of direct materials to production is ________. A) debit Work-in-Process Inventory-Department I, $40,000; credit Raw Materials Inventory, $40,000 B) debit Raw Materials Inventory, $40,000; credit Work-in-Process Inventory-Department I, $40,000 C) debit Work-in-Process Inventory-Department I, $40,000; credit Accounts Payable, $40,000 D) debit Accounts Payable, $40,000; credit Work-in-Process Inventory-Department I, $40,000