Which of the following terms refers to the comprehensive system for collecting, analyzing, and communicating financial information?
A) Bookkeeping
B) Accounting
C) Controlling
D) Auditing
E) Budgeting
Answer: B
Explanation: B) Accounting is the practice of making financial information useful to internal and external parties.
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Wood Designs Company, a custom cabinet manufacturing company, is setting standard costs for one of its products
The main material is cedar wood, sold by the square foot. The current cost of cedar wood is $6.00 per square foot from the supplier. Delivery costs are $0.20 per square foot. Carpenters' wages are $20.00 per hour. Payroll costs are $4.00 per hour, and benefits are $5.00 per hour. How much is the direct materials standard cost per square foot? A) $11.20 B) $10.20 C) $6.20 D) $6.00
Which of the following statements about the prospectus required by the Securities Act of 1933 is true?
A. The prospectus is a part of the registration statement. B. The prospectus should enable the SEC to pass on the merits of the securities. C. The prospectus must be filed after an offer to sell. D. The prospectus is prohibited from being distributed to the public until the SEC approves the accuracy of the facts stated.