In the context of protecting intellectual property, a _____ is any information that provides a business with a competitive advantage but isn't shared openly.

A) patent
B) trade secret
C) permit
D) business plan

In a process cost system, the cost of completed production in Department 1 is transferred to Department 2 by which of the following entries?

A) debit Work in Process Department 2, credit Work in Process Department 1.
B) debit Finished Goods, credit Work in Process Department 2.
C) debit Work in Process - Department 2, credit Cost of Goods Sold Department 1.
D) debit Work in Process Department 2, credit Finished Goods Department 1.

People from around the world have identical work goals, given the universality of management principles.

An obligor:

A) owes a duty to perform under a contract.
B) is owed a duty.
C) is one to whom a right has been transferred.
D) facilitates a contract.

Under perfect competition,price is equal to

A) marginal revenue.
B) total revenue divided by output.
C) average revenue.
D) All of the choices are equal to price under perfect competition.

A calendar year reporting company preparing its annual financial statements should use the phrase "At December 31,2020" in the heading of which financial statements?

A) On all of the required financial statements.
B) On the income statement only.
C) On the income statement and balance sheet,but not the statement of cash flows.
D) On the balance sheet only.