Indicate whether each of the following statements is true or false.A favorable variance may indicate the existence of unfavorable conditions. ______Managers should be praised or punished based on variances. ______Budget slack exists when performance standards are set at an ideal, unachievable level. ______Establishing standards is the least difficult aspect of using a standard cost system. ______A standard is the amount a price, cost, or quantity should be. ______
What will be an ideal response?
A favorable variance may indicate the existence of unfavorable conditions. T
Managers should be praised or punished based on variances. F
Budget slack exists when performance standards are set at an ideal, unachievable level. F
Establishing standards is the least difficult aspect of using a standard cost system. F
A standard is the amount a price, cost, or quantity should be. T
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Richard Inc expects to sell 28,000 units. Each unit requires 4 pounds of direct materials at $15 per pound and 3 direct labor hours at $12 per direct labor hour. The overhead rate is $9 per direct labor hour. The beginning inventories are as follows: direct materials, 2,500 pounds; finished goods, 3,100 units. The planned ending inventories are as follows: direct materials, 4,000 pounds; finished
goods, 3,200 units. What is the planned production of Richard? A) 21,700 B) 28,100 C) 27,900 D) 34,300
The term just-in-time production is used synonymously with the term Lean production
Indicate whether the statement is true or false.
Which is an example of a repudiation?
A. Jaime orders goods to be delivered on May 1; the company does not deliver the goods until May 15. B. Darlene offers to sell her car to Brian for $5,000; Brian tells Darlene he will give her $4,000 for the car. C. Max places an order for five custom-made shirts; two hours later, he changes his mind and notifies the shirt company that he will not pay for the shirts if they are sent. D. Venus orders 100 silk dresses, which she plans to resell; when the order arrives, she finds the dresses are made of cotton, so she refuses to pay for them.
On Michaela's first day at work, she was introduced to her coworkers, given a tour of the facilities, given information about company procedures and expectations, and was given the opportunity to ask questions. Michaela experienced a(n) ________
A) on-the-job training program B) orientation program C) programmed learning program D) apprentice program E) job analysis