The most common type of discount is the quantity discount.
Answer the following statement true (T) or false (F)
True
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The fixed manufacturing overhead budget variance equals:
A. Actual fixed manufacturing overhead cost ? Applied fixed manufacturing overhead cost. B. Actual fixed manufacturing overhead cost ? (Actual hours × Standard fixed manufacturing overhead rate). C. Budgeted fixed manufacturing overhead cost ? Applied fixed manufacturing overhead cost. D. Actual fixed manufacturing overhead cost ? Budgeted fixed manufacturing overhead cost.
Which of the following is not a consideration in determining a measure of materiality?
A. Risks of material misstatements due to fraud B. Quantitative assessment of the importance of the difference of opinion with client management on an accounting issues C. Qualitative assessment of the importance of the difference of opinion with client management on an accounting issues D. Importance of audit committee in the organization
The formula in determining the DPAD for individual taxpayers is the same as that applicable to corporations
a. True b. False Indicate whether the statement is true or false
Misha receives a proportionate nonliquidating distribution when the basis of his partnership interest is $60,000 . The distribution consists of $80,000 cash and inventory (adjusted basis to the partnership of $10,000, fair market value of $20,000). How much gain or loss does Misha recognize, and what is his basis in the distributed inventory and in the partnership interest following the
distribution? a. $0 gain or loss; $10,000 basis in inventory; $0 basis in partnership interest. b. $0 gain or loss; $20,000 basis in inventory; $50,000 basis in partnership interest. c. $20,000 capital gain; $0 basis in inventory; $0 basis in partnership interest. d. $20,000 capital gain; $10,000 basis in inventory; $0 basis in partnership interest. e. $20,000 ordinary income; $0 basis in inventory; $20,000 basis in partnership interest.