Technical skill is a necessary and sufficient condition for hiring an employee.
Answer the following statement true (T) or false (F)
False
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Smith Company is conducting a sales mix analysis. The second step in this analysis involves which of the following formulas?
A) Contribution Margin per Unit = Selling Price per Unit - Variable Costs per Unit B) Contribution Margin per Unit = Selling Price per Unit - Fixed Costs per Unit C) Contribution Margin per Unit of Constrained Resources = Contribution Margin per Unit ¸ Quantity of the Constrained Resource Required per Unit D) Contribution Margin per Unit of Constrained Resources = Contribution Margin per Unit x Quantity of the Constrained Resource Required per Unit
A company uses the following standard costs to produce a single unit of output. Direct materials6 pounds at $0.90 per pound=$5.40 Direct labor0.5 hour at $12.00 per hour=$6.00 Manufacturing overhead0.5 hour at $4.80 per hour=$2.40 During the latest month, the company purchased and used 58,000 pounds of direct materials at a price of $1.00 per pound to produce 10,000 units of output. Direct labor costs for the month totaled $56,350 based on 4,900 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $15,000 and fixed manufacturing overhead incurred was $10,400. Based on this information, the direct materials quantity variance for the month was:
A. $1,800 favorable B. $1,800 unfavorable C. $1,000 favorable D. $5,800 unfavorable E. $5,800 favorable
Match the following terms with the appropriate definition.
A. An account linked with another account and having an opposite normal balance. B. A useful measure of a company's operating results determined by dividing net income by net sales. C. Any length of time that an organization's activities are divided into and reported by financial statements. D. A listing of accounts and balances prepared after adjustments are recorded and posted to the ledger. E. A 12-month period, used by companies with seasonal variation that ends when a company's sales activities are at their lowest point. F. Costs that are incurred in a period but are both unpaid and unrecorded, requiring an adjustment at the end of the period. G. Items paid for in advance of receiving their benefits; recorded as an asset when purchased and expensed when used. H. A listing of accounts and balances prepared after external transactions are recorded but before adjustments are recorded. I. A balance sheet that lists items vertically in the order of assets, liabilities and equity. J. A journal entry made at the end of an accounting period to reflect a transaction or event that is not yet recorded; affects one or more income statement account and one or more balance sheet account, but never cash.
People are more willing to purchase or increase their insurance coverage when
A) economic conditions are favorable and incomes are lower. B) economic conditions are favorable and incomes are higher. C) economic conditions are weak and incomes are lower. D) None of the above.