Every contingent liability must be recorded.
Answer the following statement true (T) or false (F)
False
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Sugar and Spice Foods is famous for its cupcakes. One of the main ingredients of the cupcakes is sugar, which Sugar and Spice purchases by the pound. In addition, the production requires a certain amount of direct labor. Sugar and Spice uses a standard cost system, and at the end of the first quarter, there was a favorable direct labor efficiency variance. Which of the following is a logical explanation for that variance?
A) The cost of workers' medical insurance plans jumped up dramatically during the quarter. B) The factory lost two experienced workers at the beginning of the quarter, and their replacements wasted a large amount of direct materials during their training period. C) The purchasing manager was able to secure a volume discount on dried fruit, purchasing the sugar for less than the amount set by standard. D) The production staff changed the work flow process so that production required fewer direct labor hours than the standards allowed.
If sales for 20x4 (the base year), 20x5, and 20x6 are $40,000, $31,200, and $49,200, respectively, the index numbers assigned to 20x5 and 20x6, respectively, are
A) 62.4 and 128. B) 156 and 118. C) 128.2 and 133. D) 78 and 123.
IFRS defines _____ as a current exchange value, which can mean either a current entry price or a current exit price
a. Current Replacement Cost b. Net Realizable Value c. Fair Value d. Present Value of Future Net Cash Flows e. Acquisition cost
What is the time period of a loan for $7,500, at 6% exact interest, if the amount of interest is $98.63? (Round fraction to next higher day)
What will be an ideal response?