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.
A
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On June 14, Sure-Fit Shoe Store sold $12,000 of merchandise that cost $8,000 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 3% fee to handle such transactions. On June 18, Sure-Fit received the proceeds from the credit card company.Required:a) Prepare the entry to record the sale of the merchandise on June 1 in general journal format.b) Prepare the journal entry to record the credit card proceeds on June 18 in general journal format.
What will be an ideal response?
High Pointe LLC's members include Irvin. For purposes of holding title to property, High Pointe is
A. an aggregate of Irvin and the other members. B. a natural person in the members' "family." C. a legal entity apart from the owners. D. a non-participating third party.
List three cash management resources that are used to electronically transfer money
What will be an ideal response?
One of the problems with no-fault automobile insurance is that it
A) results in higher court costs. B) results in higher jury awards to victims. C) doesn't penalize drivers who cause accidents to the degree that they should be. D) hasn't resulted in lower costs to insurance companies or lower auto insurance premiums.