Which of the following personal leadership competencies refers to sticking to a task or purpose, no matter how hard or troublesome, which is vital for overcoming obstacles and motivating subordinates?
a. Perseverance
b. Accountability
c. Well-being
d. Creativity
a
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Which of the following is/are true regarding the T-account?
a. Actual practice does not use this form of the account, except perhaps for memoranda or preliminary analyses b. looks like the letter T, with a horizontal line bisected by a vertical line. c. satisfies the requirement of an account and is easy to use. d. all of the above e. none of the above
The fixed overhead cost variance measures the difference between actual fixed overhead and budgeted fixed overhead to determine the controllable portion of total fixed overhead variance
Indicate whether the statement is true or false
In its Statement of Financial Accounting Concepts #4, the FASB identifies the information needs of the users of non-business financial statements. These include providing information that is useful to present and potential resource providers in which four evaluation areas?
What will be an ideal response?
Rex is a programmer with Monon Electronics Corporation. His annual salary is $50,000 . As part of his compensation package, he receives a term-life insurance policy equal to his annual salary. All members of the programming staff receive this benefit. Members of the sales staff have a cafeteria plan from which to select various benefits including life and health insurance coverage. I. Rex has an
excludable amount of income because of the nature of his employment benefit. II. Rex must include $50,000 in his gross income because that is the value of the insurance benefit. III. Rex must include the cost of the insurance policy in his gross income. IV. If the benefit is only available to "key" employees and Rex is a "key" employee, he may exclude the cost of the premiums paid from his gross income. a. Only statement I is correct. b. Only statement II is correct. c. Only statement III is correct. d. Statements I and IV are correct. e. Statements II and IV are correct.