Indicate whether each of the following statements is true or false.Standards for direct materials and direct labor should be set by a company's accounting department. ______Standards for direct materials and direct labor should be reevaluated frequently in order to remain relevant and useful. ______Historical information is of little use in establishing standards. ______A standard represents what should be, not what is or was. ______Managers should consider behavioral implications when developing standards. ______
What will be an ideal response?
Standards for direct materials and direct labor should be set by a company's accounting department. F
Standards for direct materials and direct labor should be reevaluated frequently in order to remain relevant and useful. T
Historical information is of little use in establishing standards. F
A standard represents what should be, not what is or was. T
Managers should consider behavioral implications when developing standards. T
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The risk of a material misstatement includes inherent risk and sampling risk.
Answer the following statement true (T) or false (F)
According to the path-goal theory, a leader who is __________ consults with subordinates about issues and takes their suggestions into account before making a decision.
Fill in the blank(s) with the appropriate word(s).
On June 16, 2018, Evergreen Company wrote off the $200 receivable from customer M. Simmons. On October 14, 2018, Evergreen unexpectedly receives $200 cash from M. Simmons. How should Evergreen record the $200 payment from M. Simmons? Evergreen uses the allowance method.
A) Debit Cash and credit Bad Debts Expense B) Debit Accounts Receivable - M. Simmons and credit Allowance for Bad Debts; debit Cash and credit Accounts Receivable - M. Simmons C) Debit Accounts Receivable - M. Simmons and credit Bad Debts Expense; debit Cash and credit Accounts Receivable - M. Simmons D) Debit Cash and credit Allowance for Bad Debts
Repetition is sometimes considered a trait of ______________ writing
a. technical b. scientific c. poor d. exceptional