The following data relate to product no. 89 of Mansion Corporation:Direct material standard: 3 square feet at $2.50 per square footDirect material purchased: 30,000 square feet at $2.60 per square footDirect material consumed: 29,200 square feetManufacturing activity: 9,600 units completedAssume that the company computes variances at the earliest point in time.The direct-material quantity variance is:
A. $2,000F.
B. $1,040F.
C. $1,000U.
D. $1,000F.
E. $1,040U.
Answer: C
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A customer agrees to pay a seller over time with a promissory note. Which of the following statements related to this situation is false?
A) The transaction price is determined by adjusting the promised amount of future consideration to reflect the time value of money. B) The objective for the adjusting for time value of money is to separate the contract into a revenue element and a financing element. C) When adjusting for the time value of money, the seller should use the current prime lending rate as the discount rate. D) Sellers are not required to adjust for the time value of money if the time period between the customer's payment and the company's transfer of goods or services is less than one year.
Which of the following is NOT an example of a behavioral question?
a. Would you describe a major project you organized at Anycompany, Inc.? b. How did your experiences at Anycompany, Inc. prepare you to work for our company? c. What was the most difficult thing you faced in your job at Anycompany, Inc.? How did you deal with it? d. What are your major strengths and weaknesses?
Which of these is the money constraint for this scenario?
Zevon Enterprises provides services for clients worldwide and to protect all parties to this course as well as Zevon, we shall refer to those services as X1, X2, and X3. Each of these services has its own special mix of needs for the resources the company has at its disposal. The X1 product requires three lawyers, seven guns, and $6,000; the X2 product requires two lawyers, five guns, and $4,000; and the X3 product requires four lawyers, six guns, and $7,000. Zevon has access to 5,000 lawyers, 10,000 guns, and $15,000,000. For ease of conversation, Zevon employees usually speak about dollars as "per thousand" so one of them asking for $7 means that they really need $7,000. Zevon's demand is variable depending on what they charge for it. For example, the X1 product's demand is 200 - 2.25p1. The demand for X2 is 300 - 3p2, and the demand for X3 is 400 - 3.5p3. The per unit profit forX1 through X3 can be calculated by subtracting the per unit cost from the sales price, so for X1, the profit is p1 - 2.25, for X2 the profit is p2 - 3, and for X3 the profit is p3 - 3.5. A) 7X1 + 5X2 + 6X3 ? 10,000 B) 3X1 + 2X2 + 4X3 ? 5,000 C) 6X1 + 4X2 + 7X3 ? 15,000 D) X1 = 200 - 2.25p1
Answer the following statement(s) true (T) or false (F)
1. To be classified as a small business, a firm must have fewer than 100 employees. 2. According to the definition given by the Small Business Act, small businesses must be independently owned and operated. 3. A small business is considered small when compared to other businesses in the same industry. 4. Small businesses make a relatively small contribution to the economy. 5. More than 90 percent of all corporations are small, including farms.