Since a company usually does not know the amount of the year-end bonus at year-end, the company estimates the amount of the bonus based on a percentage
Indicate whether the statement is true or false
TRUE
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Continuous assurance (continuous auditing) will lead to:
a. fewer financial statement audits b. use of audit modules embedded in ERP systems c. convergence of GAAP and IFRS d. All of the above
The definition of ________ is trading by shareholders who hold private inside information that would materially impact the value of the stock and that allows them to benefit from buying or selling stock.
Fill in the blank(s) with the appropriate word(s).
Only citizens are part of the consumerism movement
Indicate whether the statement is true or false
Grandin Corporation manufactures and sells one product. The following information pertains to the company's first year of operations: Variable costs per unit: Direct materials$97Fixed costs per year: Direct labor$1,056,000Fixed manufacturing overhead$2,288,000Fixed selling and administrative expenses$1,435,000 The company does not have any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of operations, the company produced 44,000 units and sold 41,000 units. The company's only product is sold for $242 per unit. The company is considering using either super-variable costing or a variable costing system that assigns $24 of direct labor cost to each unit that is produced. Which of the following statements is true
regarding the net operating income in the first year? A. Variable costing net operating income exceeds super-variable costing net operating income by $156,000. B. Super-variable costing net operating income exceeds variable costing net operating income by $156,000. C. Variable costing net operating income exceeds super-variable costing net operating income by $72,000. D. Super-variable costing net operating income exceeds variable costing net operating income by $72,000.