The legality of an action is always clear
Indicate whether the statement is true or false
False
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All of the following are typically recognized as accounting liabilities except:
a. Obligations with Fixed Payment Dates and Amounts b. Obligations under Mutually Unexecuted Contracts c. Obligations Arising from Advances from Customers on Unexecuted Contracts and Agreements d. Obligations with Fixed Payment Amounts but Estimated Payment Dates
A company's manager estimates that in the upcoming year, total variable costs will increase by $7,500 and total fixed costs will increase by $3,500. Assume that the unit sales price did not change. What will be the anticipated effect on net operating income?
A) Net operating income will increase by $11000. B) Net operating income will decrease by $11,000. C) Net operating income will increase by $4,000. D) Net operating income will decrease by $4,000.
To create a meaningful performance report,
A) actual costs are compared with the expected costs found in the static budget. B) actual costs are calculated as a percentage of sales. C) actual costs are compared with the prior year's actual costs. D) expected costs of the static budget are compared with the expected costs of the flexible budget. E) actual costs are compared with the expected costs at the same level of activity.
Think about your own values. How might your personal values conflict with your employer? Explain with examples.
What will be an ideal response?