Black Lilies Is a Fledgling Apparel Company Which Is Run

question 16

Multiple Choice

Black Lilies is a fledgling apparel company which is run and managed by its creator Patricia.She has advertised for an accounting executive to manage the finances of the firm.Which of the following,if true,would result in a complementary fit having occurred for the post?

• A)Patricia is well-versed in accounting and will manage the firm's finances jointly with the new employee.
• B)There is already a dedicated finance team in the firm who would work with the new employee.
• C)The existing accounting executive is planning to quit to take up a better opportunity.
• D)Patricia lacks the requisite skills to manage the company's accounts,hence the opening.

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Definitions:

Ending Work

The work in process inventory that is yet to be completed at the end of an accounting period.

Process Inventory

Inventory that consists of items that are in the production process but have not yet been completed.

Cost System

An accounting system designed to capture, measure, and allocate costs associated with the production of goods or provision of services.

Equivalent Units

A concept in cost accounting used to convert partially completed goods into the equivalent of a full finished unit for inventory valuation.