Which of the following is an example of a cost that does NOT change in total over wide ranges of volume or activity?
A) the company president's salary
B) cloth used to make shirts
C) bottles used in a beverage company
D) hourly wages for production line workers
A) the company president's salary
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In order to establish concurrent validity of selection tests, BluTech has employees take an aptitude test the week after their performance appraisal is completed by their supervisors. The test scores are then compared to the ratings.
Answer the following statement true (T) or false (F)
Which of the following controls is most likely to help ensure that all credit sales transactions are recorded?
A) The billing department supervisor matches pre-numbered shipping documents with entries in the sales journal. B) The accounting department supervisor controls the mailing of monthly statements to customers and investigates any differences reported by customers. C) The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable control account monthly. D) The billing department supervisor sends copies of approved sales orders to the credit department for comparison to authorized credit limits and current customer account balances.
At the beginning of last year, Monze Corporation budgeted $600,000 of fixed manufacturing overhead and chose a denominator level of activity of 100,000 direct labor-hours. At the end of the year, Monze's fixed manufacturing overhead budget variance was $8,000 unfavorable. Its fixed manufacturing overhead volume variance was $21,000 favorable. Actual direct labor-hours for the year were 96,000. What was Monze's actual fixed manufacturing overhead for last year?
A. $563,000 B. $592,000 C. $608,000 D. $579,000
Academy Grill Supply On October 1, 2019, the company received a $50,000 promissory note from a customer. The annual interest rate is 6%. Principal and interest will be collected in cash at the maturity date of September 30, 2020. Refer to Academy Grill Supply. The effect on the company's financial statements on December 31, 2019 is as follows
A. assets and Stockholders' equity increase. B. assets and Stockholders' equity decrease. C. assets and liabilities increase. D. no net change in assets.