Answer the following statements true (T) or false (F)
1. Direct material costs and direct labor costs cannot be easily traced to products. Therefore, they are allocated to products.
2. Manufacturing overhead costs, which are also known as indirect costs, cannot be cost-effectively traced to products.
3. The predetermined overhead allocation rate is an estimated overhead cost per unit of the allocation base and is calculated at the beginning of the accounting period.
4. Companies calculate the predetermined overhead rate at the beginning of an accounting period using the actual overhead costs
5. A modification of the overhead allocation method which uses a single plantwide rate, is to use multiple predetermined overhead allocation rates that have different allocation bases.
1. False
2. True
3. True
4. True
5. True
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One major challenge to the minimalist approach that holds that business is free to pursue its economic interests as long as certain minimal moral rights are not violated in the process is that it does not seem to explain why the responsibilities correlated with these rights fall to multinational business rather than to government.
Answer the following statement true (T) or false (F)
Under the cost-adjusted-to-market method of accounting for an investment,
A) Dividend Income is credited when dividends are received. B) the investment account is credited when dividends are received. C) the investment account is credited when the investee reports a net income. D) Investment Income is credited when the invested reports a net income.
In British business settings, a hard sell is the best approach
Indicate whether the statement is true or false
Critical activities primarily govern what aspect of a project?
a. Project start time b. Project completion time c. Project budget d. Project resource availability