International Financial Reporting Standards (IFRS) is a set of principle-based accounting standards
that were established by the International Accounting Standards Board (IASB).
Indicate whether the statement is true or false
TRUE
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Harlyn paints portraits by commission. Each customer who calls her wants a unique work of art and has specific demands regarding the painting. Harlyn completes all of the paintings in her studio, either while the subject poses or from photographs she takes before she begins. The type of operation system Harlyn is using is ______.
a. continuous process operations b. individual process operations c. batch process operations d. repetitive process operations
__________ is the degree to which decision making is concentrated within the organization.
A. Organizational culture B. Centralization C. Complexity D. Formalization E. Data analytics
Fletcher Company collected the following data regarding production of one of its products. Compute the fixed overhead cost variance. Direct labor standard (2 hrs. @ $12.75/hr.)$25.50 per finished unitActual direct labor hours 81,500 hrs.Budgeted units 42,000 unitsActual finished units produced 40,000 unitsStandard variable OH rate (2 hrs. @ $14.30/hr.)$28.60 per finished unitStandard fixed OH rate ($336,000/42,000 units)$8.00 per unitActual cost of variable overhead costs incurred$1,140,000 Actual cost of fixed overhead costs incurred$338,000
A. $18,000 unfavorable. B. $18,300 favorable. C. $18,000 favorable. D. $14,300 unfavorable. E. $18,300 unfavorable.
Regarding business products, which of the following is true?
A. At any one time there are usually fewer target customers for accessories than for installations. B. Accessory equipment is not treated as a capital item. C. Derived demand has little effect on the market for accessory equipment. D. Sellers of accessory equipment usually must face more competitors than sellers of installations. E. Special services and advice are more important with accessories than with installations.