A small candy company is required to make quarterly payments of withholding taxes to the federal government. The upcoming payments are called:
A) prepaid expenses.
B) accounts payable.
C) accounts receivable.
D) loans payable.
E) accrued expenses.
Question 2
McDonald's makes many different types of sandwiches, including hamburgers, chicken sandwiches, a fish sandwich, and others. The fast food restaurant also offers many other menu items. The kitchen is organized in a way that makes the production process efficient. In addition, members of McDonald's staff are responsible for various parts of the production process: one person may cook the hamburgers while another person assembles and wraps the sandwich.
Which of the following would be considered part of the conversion process in the McDonald's example?
A) A Big Mac meal
B) Bun, cheese, ketchup, onions, and pickles
C) Creating a timeline that details how long each step of the sandwich assembly process should take
D) Frozen French fries
E) The employees who work at McDonald's
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