Parentheses can be used to override the order of operations in an arithmetic expression
a. True
b. False
Indicate whether the statement is true or false
True
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On December 10 of the current year, XTREME Sports Inc receives an advance of $50,000 from a hockey team for 20,000 custom-made shirts with the team's logo, which the team intends to distribute to fans entering a hockey game during the first week in January. XTREME Sports Inc completes the manufacturing of the shirts on December 30, intending to ship them on December 31 before its accounting
period ends. Unfortunately, a snowstorm on December 31 prevented their shipment. XTREME Sports Inc recorded this transaction as a sale for December, and reduced its inventory accordingly. It set the items aside in its shipping room on December 31 with a clear sign to its own personnel conducting a physical inventory on that date and to its auditors who were observing the count that the items were not to be counted as inventory. These actions a. are in accordance with U.S. GAAP. b. are in accordance with IFRS. c. violate ethical principles. d. are in accordance with U.S. GAAP, but not IFRS. e. are in accordance with IFRS, but not U.S. GAAP.
As compared to larger competitors, smaller firms benefit from lower unit costs, which they achieve with lower sales volumes.
Answer the following statement true (T) or false (F)
In general, an acceptance is effective upon dispatch
Indicate whether the statement is true or false
Indicate whether each of the following statements is true or false.A company's variable overhead cost represents such inputs as rent and depreciation. ______The variable overhead cost pool is normally assigned to products using many different allocation rates. ______Variable overhead and fixed overhead variances are calculated using the same basic formulas. ______Many companies choose not to calculate price and usage variances for variable overhead costs. ______
What will be an ideal response?