Norm and Sam Agreed on October 1,2012 to Enter into a Partnership.Norm

question 33

Essay

Norm and Sam agreed on October 1,2012 to enter into a partnership.Norm contributes $75,000 and Sam contributes $50,000.Journalize their initial investments.

Record transactions related to material purchase and labor costs in process costing.

Understand hybrid costing systems and when they are applicable.

Calculate and interpret cost per equivalent unit.

Understand the flow of costs in process costing from work in process to finished goods.

---

Definitions:

Likert Scale

A Likert scale is a psychometric scale commonly involved in research that employs questionnaires. It is the most widely used approach for scaling responses in survey research, such that the term is often used interchangeably with rating scale, even though the two are not synonymous.

Aptitude

A natural ability to do something or to learn something.

Disrespect

The act or feeling of showing a lack of respect or courtesy towards someone or something.

Response Choices

The set of options given to respondents to choose from in a survey or a questionnaire.