Merchants are not required to warrant that the goods they sell are fit for their ordinary purpose
Indicate whether the statement is true or false
F
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Combining the net deferred tax asset and liability amounts in the noncurrent group is one of the few situations in which GAAP allow offsetting assets and liabilities
Indicate whether the statement is true or false
Trevorrow Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During June, the company budgeted for 5500 units, but its actual level of activity was 5460 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for June:Data used in budgeting: Fixed element per monthVariable element per unitRevenue - $28.00? Direct labor$0 $3.50?Direct materials 0 9.60?Manufacturing overhead 38,600? 1.20?Selling and administrative expenses 24,200? 0.30?Total expenses$62,800? $14.60??Actual results for June: Revenue$158,886?Direct labor$18,578?Direct materials$50,166?Manufacturing
overhead$45,057?Selling and administrative expenses$25,933??The overall revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget performance report) for June would be closest to: A. $8788 F B. $8252 F C. $8788 U D. $8252 U
Writers should ask themselves "What's in it for me?" and then write so that the answer is obvious
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The Securities Act of 1933 identifies a number of securities exemptions that are, in effect, transaction exemptions
a. True b. False Indicate whether the statement is true or false