________ is the amount added to the cost of a product to determine selling price.
A. Cumulative
B. Markup
C. Push money
D. Marginal value
Answer: B
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Which of the following statements is true for assumption of risk?
A. It is not a defense in cases based on reckless behavior. B. It dictates that the person assuming responsibility will have to recover for all people involved in the accident. C. It is not a defense in cases based on strict liability. D. It bars the plaintiff's recovery as the plaintiff fully understands the nature and extent of the risk involved.
Vaughan Services hires a new accountant to maintain its petty cash fund. Although the employee possesses an accounting degree, he/she had been previously convicted of embezzlement. Which internal control procedure needs to be addressed in this situation?
A) assignment of responsibilities B) competent, reliable, and ethical personnel C) separation of duties D) documents
Which method focuses on assuring that the year-end balance sheet is correct and does not consider the impact of prior-year uncorrected misstatements reversing in later years?
a. Rollover. b. Iron curtain. c. Dual. d. Percentage.
What is the operating income using variable costing if 500 units are sold?
Bethel, Inc. has collected the following data. (There are no beginning inventories.)
A) $14,900
B) $43,000
C) $48,300
D) $11,100