The term "issuer"
a. is not used in relation to commercial paper.
b. is an all-purpose term that means both maker and drawer.
c. is synonymous with drawee.
d. is used in relation to commercial paper only to indicate the bank which creates a certificate of deposit.
b
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Substantive procedures to examine the cutoff assertion for accounts payable include:
A. selecting a sample of vouchers and agreeing them to authorized purchase orders. B. selecting a sample of receiving reports around year-end and comparing dates on related vouchers to dates in the purchases journal. C. selecting a sample of vouchers and agreeing them to the purchases journal. D. recomputing the mathematical accuracy of a sample of vendor invoices.
In the recognition criteria for liabilities with uncertain amount and/or timing, "probable" is used in U.S. GAAP to refer to a relatively high threshold of likelihood—a rule of thumb used in practice is approximately 80%
Indicate whether the statement is true or false
Total manufacturing cost variance includes:
A) Direct materials price variance, direct labor cost variance, and fixed factory overhead volume variance B) Direct materials cost variance, direct labor rate variance, and factory overhead cost variance C) Direct materials cost variance, direct labor cost variance, variable factory overhead controllable variance D) Direct materials cost variance, direct labor cost variance, factory overhead cost variance
What is the equation for the constraint AB?
A) 3X + 12Y ? 15 B) X + 4Y ? 12 C) X + Y ? 15 D) 12X +3Y ? 36