Which of the following statements about management by exception is incorrect?
A) Managers concentrate on results that are outside the accepted parameters.
B) There is no need to investigate variances that are less than 10%.
C) Exceptions can be expressed as a percentage of a budgeted amount or a dollar amount.
D) Many companies use a combination of percentages and dollar amounts.
B
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Your client Pryce is one of the income beneficiaries of the Santiago Trust. Pryce says to you, “I want all of the exempt interest income from Santiago to be allocated to me, because I am the income beneficiary who is subject to the highest marginal Federal income tax rate.” How do you respond to Pryce’s request?
What will be an ideal response?
Vector Corporation has been using an incorrect method in accounting for supplies expense. It can change to the correct method without filing 3115.
Answer the following statement true (T) or false (F)
Equity increases when revenues are earned
Indicate whether the statement is true or false
Laurent Motors is a family-owned car dealership with two locations in central France. The car dealership markets BMWs and Mini Coopers and provides servicing. Recently, Laurent Motors has been affected by the economic climate in the ________ , which has suffered recently due to a weakening of the currency and the poor financial conditions of several member countries including Portugal, Italy, Greece, and Spain-affectionately known as the PIGS of the Common Market.
A. European Union B. Northern European Commonwealth C. Southern Hemisphere D. United Kingdom