Which of the following would be considered a period cost for a manufacturing company?
A) indirect materials
B) factory utilities
C) direct labor
D) sales salaries
D
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Why is fraud detection an important part of the audit?
a. Auditors are required to seek out and find all fraud, regardless of its magnitude. b. Auditors expect that management will make them aware of any fraud in the financial statements. c. Society expects that financial statements have not been materially misstated due to fraud. d. Society realizes that some fraud was not intended to be discovered by auditors.
A company will report overapplied overhead when the:
a. actual overhead rate is more than predetermined overhead rate. b. applied overhead is less than actual overhead. c. applied overhead is greater than actual overhead. d. estimated units of cost driver is more than the actual units of cost driver.
The more capital a firm is likely to require, the greater the probability that it will be organized as a corporation.
Answer the following statement true (T) or false (F)
At common law, a minor was a person who was under twenty-one years of age
Indicate whether the statement is true or false