Answer the following statements true (T) or false (F)
Intraperiod and intrastatement allocation both refer to showing income statement items such as extraordinary items and changes in accounting principle net of the tax effect.
ANSWER: T
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CWN Company uses a job order costing system and last period incurred $80,000 of actual overhead and $100,000 of direct labor. CWN estimates that its overhead next period will be $75,000. It also expects to incur $100,000 of direct labor cost. If CWN bases applied overhead on direct labor cost, its predetermined overhead rate for the next period should be:
A. 133%. B. 125%. C. 107%. D. 80%. E. 75%.
The likelihood of ethical lapses as well as poor long-term company performance tends to increase when there are
A. executive commitment to implementing strategic suggestions from the board of directors B. increases in research and development expenditures in years when low earnings are reported by the company C. attracting investors who think the company's industry will grow D. dramatic cuts in research and development expenditures in years when low earnings are reported by the company E. hiring and maintaining a skilled and diverse workforce
Supplemental material of secondary interest to some readers belongs in a(n) ____.
A. chart B. appendix C. graph D. separate document
Which one of the following losses is an indirect loss?
A) Damage to a car when a tree falls on it B) Loss caused by an arsonist who burns down a building to collect insurance proceeds C) Monetary losses due to the inability to produce and sell goods when a machine is destroyed D) Monetary losses due to a legal liability claim