Name the group that has the primary authority for establishing U.S. GAAP.
What will be an ideal response?
The Financial Accounting Standards Board (FASB)
The Financial Accounting Standards Board (FASB) is a privately funded organization with the primary authority for establishing accounting standards in the United States.
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When the management team noted the increased interest in bikes as a mode of commuting, bicycle manufacturer Sensta introduced utility bikes aimed at the urban commuter
In which of the following cases is the company following a plus-one pricing strategy? A) Sensta entered the market with a bike priced at $2,500, and later, as more competitors entered the market, reduced the price to $1,000. B) As the market for bikes in a particular city became saturated, Sensta raised the prices of its bikes hoping to gain maximum profit before exiting the market. C) With several competitors with similar product features in the utility bike market, Sensta concentrated on the sturdiness of its bikes, and raised the price of the basic model from $500 to $1,000. D) Sensta manufactures a basic model priced at $500, a bike with more features, priced at $1,500 and a deluxe model priced at $3,000. E) When Sensta entered the market, there were already competitors in the $1,000-$2,000 price range. Sensta introduced three bike models in the $500-$700 price range in order to capture market share, and later raised the prices of its products.
Borsetta, Inc. manufactures two kinds of bags—totes and satchels. The company allocates manufacturing overhead using a single plantwide rate with direct labor cost as the allocation base. Estimated overhead costs for the year are $25,500. Additional estimated information is given below.
Calculate the amount of overhead to be allocated to Satchels, if the actual units produced and direct labor costs equal the estimated amounts. (Round any percentages to two decimal places and your final answer to the nearest dollar.)
A) $472
B) $13,835
C) $11,667
D) $23,680
A spouse who is named the beneficiary of a life insurance policy would ordinarily be:
a. a creditor beneficiary. b. an incidental beneficiary. c. a donee beneficiary. d. a debtor beneficiary.
Which of the following is considered the act of paying conscious attention to the way people perceive you, and attempting to be perceived in a certain way?
a. impression management b. interview management c. social dishonesty d. manipulative