Accurate Tax Returns budgets two direct labor hours for every tax return that it prepares, at a standard cost of $34 an hour
During the most recent year, 520 returns were completed with the labor cost totaling $18,000. The actual labor cost was $34.62 per hour during that period. The actual number of labor hours was 1,200. What is the direct labor cost variance?
A) $320 F
B) $40,800 U
C) $744 U
D) $40,800 F
C .C) Direct labor cost variance = (Actual cost - Standard cost) x Actual quantity
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Fill in the blank(s) with the appropriate word(s).
Common carriers cannot limit their liability to a stated dollar amount in the bailment agreement
Indicate whether the statement is true or false
Nora enters into a contract with Oceanic Transport, Inc, to insure and ship a painting from France to the United States for a certain price. But Oceanic makes a mistake in adding the costs, which results in a contract price that is $1,000 less than the true cost. Most likely, a court would
a. allow the parties to rescind the contract. b. award damages to Nora for the mistake. c. award damages to Oceanic for the mistake. d. enforce the contract as is.
An "assignment of all rights" creates an assignment of rights but not a delegation of duties.
Answer the following statement true (T) or false (F)