Government agencies such as the FBI, FDIC, IRS, or various health agencies publish fraud statistics from time to time. Which of the following observations concerning such statistics is true?
a. Generally, their statistics are complete.
b. Such information is rarely used.
c. They provide only those statistics related to their jurisdiction.
d. They usually provide a total picture in the areas for which they have responsibility.
c
FEEDBACK: a. Incorrect.
b. Incorrect.
c. Correct.
d. Incorrect.
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Trundle Corporation manufactures one product. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows:?InputsStandard Quantity or HoursStandard Price or RateStandard Cost?Direct materials2.6 pounds$8.00 per pound$20.80?Direct labor0.70 hours$21.50 per hour15.05?Fixed manufacturing overhead0.70 hours$14.50 per hour 10.15?Total standard cost per unit???? $46.00During the year, the company completed the following transactions concerning raw materials:a. Purchased 99,100 pounds of raw material at a price of $7.90 per pound.b. Used 89,020 pounds of the raw material to produce 34,200 units of work in
process.Required:Record the above transactions in the worksheet that appears below. Because of the width of the worksheet, it is in two parts. In your text, these two parts would be joined side-by-side to make one very wide worksheet. The beginning balances have been provided for each of the accounts, including the Property, Plant, and Equipment (net) account which is abbreviated as PP&E (net).?CashRaw MaterialsWork in ProcessFinished GoodsPP&E (net)=Materials Price VarianceMaterials Quantity Variance1/1$1,050,000$56,160$0$64,400$472,900=$0$0a.?????=??b.?????=???Labor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$1,643,460a.?????b.????? What will be an ideal response?
Internal control is a process designed to achieve objectives in which one of the following categories?
a. Reliability of financial reporting. b. Compliance with applicable laws. c. Operational Effectiveness. d. All of the above.
You are given the following data: r* = real risk-free rate 4% Constant inflation premium (IP) 7% Maturity risk premium (MRP) 1% Default risk premium for AAA bonds (DRP) 3% Liquidity premium for long-term Treasury bonds (T-bonds) (LP) 2% ? Assume that a highly liquid market does not exist for long-term T-bonds, and the expected rate of inflation is a constant. Given these conditions, the rate on long-term Treasury bonds is _____.
A. 23 percent B. 11 percent C. 14 percent D. 19 percent E. 27 percent
By definition, the market portfolio has a ________ and the risk free rate has a ________
A) beta equal to 1.0; beta equal to 0.0. B) beta equal 0.0; beta equal to 1.0. C) standard deviation equal to 1.0; beta equal to 0.0. D) standard deviation equal to 0.0; beta equal to 1.0.