An express ratification takes place when the principal gives a clear signal to be bound by an action that would otherwise be unauthorized
a. True
b. False
Indicate whether the statement is true or false
True
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Strong brands achieve the following, except:
A) allow a company to charge more for products B) create brand parity C) provide customers assurance of quality D) transfer to other products or brands the company sells
Which of the following is an example of a direct labor cost standard?
A) $40 per direct labor hour B) 50 square feet per unit C) $0.95 per square foot D) 0.5 direct labor hours per unit
Underfoot Products uses standard costing. The following information about overhead was generated during May: Standard variable overhead rate $2 per machine hour Standard fixed overhead rate $1 per machine hour Actual variable overhead costs $390,000 Actual fixed overhead costs $175,000 Budgeted fixed overhead costs $190,000 Standard machine hours per unit produced 10 Good units produced 18,000
Actual machine hours 200,000 Using the above information provided for Underfoot Products, compute the variable overhead efficiency variance. A) $10,000 (F) B) $10,000 (U) C) $40,000 (F) D) $40,000 (U)
An obligation that is contingent on the occurrence of a future event should be reported in the balance sheet as a liability if the
a. future event is likely to occur. b. amount of the obligation can be reasonably estimated. c. occurrence of the future event is at least reasonably possible and the amount is known. d. occurrence of the future event is probable and the amount can be reasonably estimated.