Financial position may be assessed by referring to a balance sheet
Indicate whether the statement is true or false
True
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Which of the following would not be considered cash?
a. Postage stamps b. Checks from customers c. Money orders from customers d. Bank deposits
Which of the following statements regarding standard cost systems is true?
a. Favorable variances are not necessarily good variances. b. Managers will investigate all variances from standard. c. The production supervisor is generally responsible for material price variances. d. Standard costs cannot be used for planning purposes since costs normally change in the future.
Michard Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations:a.The budgeted selling price per unit is $125. Budgeted unit sales for April, May, June, and July are 7,600, 10,500, 13,800, and 12,900 units, respectively. All sales are on credit. b.Regarding credit sales, 20% are collected in the month of the sale and 80% in the following month. c.The ending finished goods inventory equals 20% of the following month's sales. d.The ending raw materials inventory equals 30% of the following month's raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.00 per pound. e.Regarding raw materials purchases, 30% are paid for in the month
of purchase and 70% in the following month. f.The direct labor wage rate is $25.00 per hour. Each unit of finished goods requires 3.0 direct labor-hours. g.The variable selling and administrative expense per unit sold is $3.40. The fixed selling and administrative expense per month is $80,000. If 54,480 pounds of raw materials are required for production in June, then the budgeted raw material purchases for May is closest to: A. 60,984 pounds B. 44,640 pounds C. 74,376 pounds D. 47,592 pounds
Which of the following has long been a vital medium for business communication, although it is being replaced in many instances by other tools that provide better support for instant communication and real-time collaboration?
a. podcasts b. vlogs c. wikis d. email e. blogs