Fanelli Corporation, a merchandising company, reported the following results for July:
Cost of goods sold is a variable cost in this company.
Required:a. Prepare a traditional format income statement for July.b. Prepare a contribution format income statement for July.

Setting a goal and accomplishing it is called:

A) plan.
B) goal.
C) target.
D) success.
E) quota.

Quality costs―failure, prevention and appraisal―can be graphed to determine the acceptable quality level of a firm.

What type of B2B organization is a retail store such as T.J.Maxx?

A) Internet
B) institution
C) government
D) manufacturer
E) reseller

The value of the future growth opportunities of a firm can be determined considering the firm's potential earnings from reinvesting current earnings in new projects that will eventually earn a rate of return in excess of the cost of equity capital.

The MACRS differs from straight-line depreciation computed for financial reporting.In this respect, which of the following is not true?

A) The MACRS uses longer asset lives.
B) The MACRS ignores residual value.
C) The MACRS decreases the income taxes payable in the early years of an asset's life.
D) The MACRS accelerates cost recovery.