In its first year of operations, Bronfren Corporation produced 800,000 sets and sold 780,000 sets of artificial tan lines. What would have happened to net operating income in this first year under the following costing methods if Bronfren had produced 20,000 fewer sets? (Assume that Bronfren has both variable and fixed production costs.) Variable costingAbsorption costingA)No effectIncreaseB)DecreaseIncreaseC)DecreaseDecreaseD)No effectDecrease
A. Choice A
B. Choice B
C. Choice C
D. Choice D
Answer: D
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Some of the steps in the accounting cycle are listed below. Select the choice that places these steps in the correct order. 1 . Close the accounts. 2 . Post transactions to accounts in the ledger. 3 . Journalize daily transactions. 4 . Record and post adjustments. 5 . Prepare financial statements
a. 2, 3, 4, 5, 1 b. 3, 2, 4, 5, 1 c. 3, 2, 4, 1, 5 d. 3, 2, 5, 4, 1
In an ethical decision-making workshop, what is each team’s task after all the teams have first shared their decisions and had a discussion with the full workshop?
a. Separate into individual actors and write assessments of the overall discussion. b. Return to their same teams and develop a new answer that addresses all concerns. c. Return to their same teams, consider all the addressed concerns, and develop a ‘win- win’ solution. d. Return to their same teams and have the devil’s advocate come up with a solution that incorporates aspects of their own decision and other team’s decisions.
Fixed costs per unit vary inversely with levels of production
Indicate whether the statement is true or false
One of the key roles of an arbitrator is to interpret the language of a contract, even when that language is unclear or ambiguous. Describe the rules that arbitrators apply to try to fairly interpret the contract.
What will be an ideal response?