Which of the following would be the legal result if the event contemplated by a condition precedent failed to take place?
A) The contract may be discharged.
B) The contract is declared void.
C) The party will be given time to cure.
D) The contract will be binding on all the parties.
A
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Audit procedures have to be announced or be completed at predictable times
a. True b. False Indicate whether the statement is true or false
Controls are not designed to provide assurance that:
A. The recorded accountability for assets is compared with the existing assets at reasonable intervals. B. Access to assets is permitted only in accordance with management's authorization. C. Fraud will be eliminated. D. Transactions are executed in accordance with management's authorization.
The general ledger uses a chart of accounts that lists only those transactions which are liabilities
Indicate whether the statement is true or false
Heye Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.?InputsStandard Quantity or Hours per Unit of OutputStandard Price or Rate?Direct materials6.7 grams$7.80 per gram?Direct labor0.20 hours$19.00 per hour?Variable manufacturing overhead0.20 hours$8.30 per hourThe company has reported the following actual results for the product for August:?Actual output6,300units?Raw materials purchased48,100grams?Actual price of raw materials$7.00per gram ?Raw materials used in production42,200grams?Actual direct labor-hours1,350hours?Actual direct labor rate$20.10per hour?Actual variable overhead rate$9.00per hourRequired:a. Compute the
materials price variance for August.b. Compute the materials quantity variance for August.c. Compute the labor rate variance for August.d. Compute the labor efficiency variance for August.e. Compute the variable overhead rate variance for August.f. Compute the variable overhead efficiency variance for August. What will be an ideal response?