The absorption costing method is required for external financial reporting.
Answer the following statement true (T) or false (F)
True
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One characteristic of employee fraud is that the fraud
a. is perpetrated at a level to which internal controls do not apply b. involves misstating financial statements c. involves the direct conversion of cash or other assets to the employee's personal benefit d. involves misappropriating assets in a series of complex transactions involving third parties
Miguez Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateStandard Cost Per UnitDirect materials 2.3liters$7.00per liter$16.10 Direct labor 0.7hours$22.00per hour$15.40 Variable overhead 0.7hours$2.00per hour$1.40 The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour.The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed
when the materials are purchased.The variable overhead efficiency variance for September is: A. $140 U B. $140 F C. $133 U D. $133 F
If you are involved in an affective conflict, you should ________
A) choose to avoid a confrontation and deny that the problem exists B) address the emotional issues before productively discussing the content of your work C) use accusatory rather than neutral language to resolve the conflict D) compete to win as a means of managing the conflict E) frame your comments negatively while expressing your point of view
Which of the following is an unlawful and unenforceable restrictive covenant?
A) a promise to never construct an apartment building on the property B) a promise to never sell the land to any person born in China C) a promise to always use the land for growing cotton D) a promise to never construct a swimming pool on the property