What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and all factory overhead cost?
a. Standard costing
b. Variable costing
c. Absorption costing
d. Marginal costing
Answer is b. Variable costing
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The fee for factoring without recourse is normally higher than it would be with recourse
Indicate whether the statement is true or false
For a business, stakeholders represent
A. investors in the business. B. lenders that have provided loans. C. suppliers that have extended credit to the firm in search of profit for the firm.. D. employees who work for the firm. E. all of the different people or groups who are affected by the business.
Robot Corporation is liquidated, with Marty receiving property having an adjusted basis of $60,000 and an FMV of $90,000. The property is subject to an $80,000 mortgage, which Marty assumes. Marty's basis in the Robot stock surrendered is $50,000. Marty must recognize
A) a $40,000 loss. B) no gain or loss. C) a $60,000 gain. D) none of the above
The ORDER BY clause is used to group data. _________________________
Indicate whether the statement is true or false