Nongovernmental (private) colleges and universities should follow FASB standards; governmental (public) colleges and universities should follow GASB standards.
Answer the following statement true (T) or false (F)
True
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Pro Tool Company expects to produce 24,000 total units during the current period. The costs and cost drivers associated with four activity cost pools are given below:ACTIVITIES UNIT LEVEL BATCH LEVEL PRODUCT LEVEL FACILITY LEVELCost $50,000 $20,000 $10,000 $120,000Cost Driver 4,000 labor hrs 100 set ups % of use 24,000 units Production of 1,000 units of an auto towing tool required 800 labor hours and 12 setups and consumed 30% of the product sustaining activities. How much total overhead cost will be allocated to this product if the company allocates overhead using a single overhead allocation rate based on direct labor hours?
A. $100,000 B. $40,000 C. $10,000 D. $18,400
The best way to characterize the role of Sherron Watkins in the downfall of Enron is:
A. She tried to alert Ken Lay about the accounting scandal at Enron B. She gave in to the pressure of Andy Fastow to go along with materially misstated financial statements C. She directed the internal auditors to examine numerous transactions that led to the discovery of the fraud D. She was sent to jail even though she cooperated with the government in its case against Enron
A partner cannot violate the terms of the partnership agreement and withdraw and dissolve the partnership at any time
Indicate whether the statement is true or false
Assume that you have $900,000 to invest. The current spot rate of the Australian dollar is $0.62, and the 180-day forward rate of the Australian dollar is $0.64
Furthermore, the 180-day interest rate in the United States is 3.5% and the 180-day interest rate in Australia is 3.0%. What is the net income you will have realized after 180 days if you conduct interest rate arbitrage? A) $61,548.39 B) $56,903.23 C) $27,000.00 D) $31,500.00 E) $52,632.94