If the total materials variance (actual cost of materials used compared with the standard cost of the standard amount of materials required) for a given operation is favorable, why must this variance be further evaluated as to price and usage?
a. There is no need to further evaluate the total materials variance if it is favorable.
b. Generally accepted accounting principles require that all variances be analyzed in three stages.
c. All variances must appear in the annual report to equity owners for proper disclosure.
d. It is done so that management can evaluate the efficiency of the purchasing and production functions.
d
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a. True b. False Indicate whether the statement is true or false
Direct marketing is characterized by reduced inventories, low rental costs, and low display costs. These characteristics _____
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For a smaller retailer, the use of outside consultants as auditors may be less expensive than full-time auditors
Indicate whether the statement is true or false
The ________ Act is a model act that codifies general partnership law.
A. Uniform Partnership B. Model Partnership C. Reformed Partnership D. Codified Partnership