With the ________ heuristic, predictions of usage are based on quickness and ease of use
A) availability
B) representative
C) anchoring
D) adjustment
E) semantic
A
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An auditor learns that a client's employee in control of inventory gets divorced and is responsible for paying a large amount of child support. All of the following for the audit of inventory likely are true except:
A. fraud risk increases. B. risk of material misstatement increases. C. detection risk increases. D. the risk of misappropriation of assets increases.
Lakatos Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product contains the following information concerning direct materials:InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials3.7kilos$9.00per kilo$33.30During the year, the company completed the following transactions concerning direct materials:a.Purchased 151,800 kilos of raw material at a price of $9.70 per kilo.b.Used 140,870 kilos of the raw material to produce 38,100 units of work in process.The company calculated the following direct materials
variances for the year:Materials price variance$106,260UMaterials quantity variance$900FAssume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation.?CashRaw MaterialsWork in ProcessFinished GoodsPP&E (net)=Materials Price VarianceMaterials Quantity Variance1/1$1,130,000$59,940$0$81,510$432,900=$0$0a.?????=??b.?????=???Labor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$1,704,350a.?????b.?????When recording the raw materials used in production in transaction (b) above, the Raw Materials inventory account will increase (decrease) by: A. ($1,267,830) B. $1,366,439 C. ($1,366,439) D. $1,267,830
Chantell is the manager of the claims department for a large insurance company. She has a one-hour meeting with her staff to explain the new claim form which the company will use next month. This is an example of which type of organizational communication?
a. upward b. downward c. horizontal d. grapevine
The underlying criteria of a best-cost provider strategy usually is found in the ability of a company to
A. create attributes that appeal specifically to niche members. B. lower overall costs more than rivals in serving niche members. C. offer better goods at attractive prices. D. offer the best product at the industry's lowest possible price. E. offer buyers something attractively different from competitors' offerings.