What causes manufacturing overhead to be underallocated? When manufacturing overhead is underallocated, will the Manufacturing Overhead account have a debit or a credit balance?
What will be an ideal response?
Manufacturing overhead is underallocated when the manufacturing overhead allocated to Work-in-Process Inventory was less than the actual overhead cost. Manufacturing Overhead will have a debit balance.
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Which of the following statements is accurate about "fraud risk factors" considered when conducting an audit?
A. The factors often have been observed in circumstances where frauds have occurred. B. The factors will require modification to planned audit procedures. C. The factors obtained during the audit will lead to required communications with the audit committee. D. If the factors are present, it indicates that fraud exists.
Round tripping is a fraudulent scheme where business A artificially inflates revenue by lending money to customer B who uses that money to buy products from A
Indicate whether the statement is true or false
Which of the following is true of an apparent agency?
A) The authority of an apparent agent is implied from the conduct of the parties. B) The third-party is not bound to a contract created by an apparent agent. C) The principal is bound to the contracts entered into by an apparent agent. D) The actions of an apparent agent create an apparent agency.
The use of Lean Six Sigma has ______.
a. increased complacency in the workplace b. created an organizational climate in which innovation has become instinctive c. created a hostile work environment d. eliminated the need for ISO standards