Copying designed clothing and selling them as the real thing can result in criminal counterfeiting charges
a. True
b. False
Indicate whether the statement is true or false
True
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The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows:
Standard Costs: Fixed overhead (bases on 10,000 hrs) 3 hrs. per unit @ $0.80 per hr. Variable overhead 3 hrs. per unit @ $2.00 per hr. Actual Costs: Total variable cost $18,000 Total fixed cost $ 8,000 The fixed factory overhead volume variance is: A. $2,000 unfavorable B. $5,000 unfavorable C. $2,500 unfavorable D. $5,000 favorable
Why does an illusory contract lack consideration?
A. because the consideration promised is unlawful and therefore void B. because the person promises to perform an act or do something he is already under an obligation to do C. because one or both of the parties can choose not to perform their contractual obligations D. because the compensation paid is for work done in the past
Income before taxes for financial reporting usually differs from taxable income reported to tax authorities. Which of the following is/are true?
a. Some of the differences may arise because of permanent differences (items that affect income for financial reporting but never affect taxable income, or vice versa). b. Some of the differences may arise because of temporary differences (items that affect income for financial reporting in a different period than for tax reporting). c. The difference between income tax expense and income tax payable represents the tax effects of temporary differences: either the firm will receive future benefits (deferred tax assets) or it must pay future taxes (deferred tax liabilities). d. U.S. GAAP and IFRS require firms to measure income tax expense based on income for financial reporting (excluding permanent differences) and the income tax authorities impose taxes on taxable income. e. all of the above
A . Velinda and Thelma enter into a contract. What are the ways in which Velinda can be discharged? b. What are the ways in which both parties can be discharged?