Which of the following is NOT a benefit of a static budget performance report?
A) It is useful in evaluating a manager's effectiveness when actual sales approximate budgeted amounts.
B) It is useful in evaluating a manager's control over fixed costs.
C) It is useful in evaluating a manager's control over variable costs.
D) It is useful in evaluating a manager's control over fixed selling and administrative expenses.
C) It is useful in evaluating a manager's control over variable costs.
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Machinery was purchased on January 1 for $51,000 . The machinery has an estimated life of 7 years and anestimated salvage value of $9,000 . Double-declining-balance depreciation for the second year would be (roundcalculations to the nearest dollar):
a. $6,000 b. $10,500 c. $10,929 d. $10,408
Which of the following is a popular program used to index and store evidence?
a. CaseCentral b. IDEA c. TANZAN d. SQL
All of the following are consistent with the purpose of determining the useful life of a long-lived asset except:
a. using the information to convey expectations about the future usefulness of the assets to stakeholders. b. using the information to help project a rational basis for depreciation c. using the information to help project a systematic basis for depreciation d. using the information to manage earnings upward.
Tuffet Corporation had the following information available from its 2011 balance sheet and income statement: Interest expense $25,000 Interest payable - beginning 3,000 Interest payable - ending 1,000 What amount would be reported as cash outflows for interest on the statement of cash flows for 2011 using the direct method?
A) $27,000 B) $29,000 C) $21,000 D) $23,000