The audit committee must be composed of outsiders such as the organization's attorney and audit partner
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following should NOT be included on a business letter with price quote?
a. scope of work b. clarifications c. deadline for payment d. breakdown of costs
In Central Hudson Gas & Electric Corp v. Public Service Comm., the New York utility commission ruled that electric utilities could not advertise to promote the use of electricity. The Supreme Court held that the:
a. First Amendment right of free speech, including commercial speech, had been violated b. First Amendment right of free speech had not been violated because it does not protect commercial advertising c. First Amendment right of free speech had not been violated, not because commercial speech has no protection, but because of public interest in energy conservation d. state of New York cannot regulate public utilities without federal approval because of the commerce clause e. none of the other choices
You are thinking about investing in a mine that will produce $10,000 worth of ore in the first year. As the ore closest to the surface is removed it will become more difficult to extract the ore. Therefore, the value of the ore that you mine will decline
If the appropriate interest rate is 3%, then the value of this mining operation is closest to ________. A) $100,000 B) $500,000 C) $250,000 D) This problem cannot be solved.
Pleiss Corporation applies manufacturing overhead to products on the basis of standard machine-hours. The company's standard variable manufacturing overhead rate is $2.40 per machine-hour. The actual variable manufacturing overhead cost for the month was $5,240. The original budget for the month was based on 2,100 machine-hours. The company actually worked 2,270 machine-hours during the month. The standard hours allowed for the actual output of the month totaled 2,280 machine-hours. What was the variable overhead efficiency variance for the month?
A. $432 Unfavorable B. $208 Favorable C. $24 Favorable D. $232 Favorable