Producer’s risk can result in what type of error?
a. Type-I error
b. Type-II error
c. Type-III error
d. Type-0 error
a. Type-I error
You might also like to view...
Internal control is a process designed to achieve objectives in which one of the following categories?
a. Reliability of financial reporting. b. Compliance with applicable laws. c. Operational Effectiveness. d. All of the above.
Janicki Corporation has two manufacturing departments-Machining and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: MachiningCustomizingTotalEstimated total machine-hours (MHs) 1,000 9,000 10,000Estimated total fixed manufacturing overhead cost$4,800$23,400$28,200Estimated variable manufacturing overhead cost per MH$1.10$2.50 During the most recent month, the company started and completed two jobs-Job A and Job J. There were no beginning inventories. Data concerning those two jobs follow: Job AJob JDirect materials$12,000$7,700Direct labor cost$20,700$6,400Machining machine-hours 700 300Customizing machine-hours 3,600 5,400Assume that the company uses departmental predetermined overhead rates with
machine-hours as the allocation base in both production departments. Further assume that the company uses a markup of 50% on manufacturing cost to establish selling prices. The calculated selling price for Job A is closest to: (Round your intermediate calculations to 2 decimal places.) A. $27,595 B. $82,785 C. $87,752 D. $55,190
What advantage does having an ethics and compliance officer grant over having only managers or the owner, even if they are very attentive, manage ethical performance?
a. It ensures no retaliation against the sharer of information. b. It allows sensitive ethical issues to be shared without dilution by the chain of command. c. It allows sensitive ethical issues to be shared without any sanctions being levied by the organization. d. It exempts an organization from governmental sanctions over unethical behavior.
The bank reconciliation is an important part of the system of internal controls
Indicate whether the statement is true or false