Landoni Corporation uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.The standards for direct materials for the company's only product specify 2.7 kilos per unit at $5.00 per kilo or $13.50 per unit.During the year, the company purchased 75,200 kilos of raw material at a price of $4.90 per kilo and used 69,290 kilos of the raw material to produce 25,700 units of work in process. Assume that all transactions are recorded on a worksheet as shown in the text.On the left-hand side of the equals sign in the worksheet are columns for Cash, Raw Materials, Work in Process, Finished Goods, and PP&E (net) .All of the variance columns are on the right-hand-side of the equals sign along with the column for Retained Earnings.
When recording the raw materials purchases, the Raw Materials inventory account will increase (decrease) by:

A) ($368,480)
B) $376,000
C) ($376,000)
D) $368,480

Nasser Inc.reported the following results from last year's operations: Last year's return on investment (ROI) was closest to:

A) 9.0%
B) 47.6%
C) 18.9%
D) 80.7%

Which of the following best represents fiat money?

A) The euro
B) A gold bar
C) Monopoly money
D) Baseball cards

Explain the difference between affirmative and negative debt covenants and provide two examples of each.

A partner can bring an action for an accounting during the term of the partnership and the firm's property can be sold to satisfy the partner's personal debts.

A segment of a business responsible for both revenues and expenses would be called:

A) a cost center.
B) an investment center.
C) a profit center.
D) residual income.