Which the following organizations is primarily responsible for establishing GAAP today?
a. Financial Accounting Standards Board (FASB)
b. Securities and Exchange Commission (SEC)
c. Internal Revenue Service (IRS)
d. Federal Government
a
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The two-sample median test examines whether the two distributions are the same
Indicate whether the statement is true or false
Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:Total machine-hours30,000Total fixed manufacturing overhead cost$252,000Variable manufacturing overhead per machine-hour$2.10Recently, Job T687 was completed with the following characteristics:Number of units in the job10Total machine-hours30Direct materials$675Direct labor cost$1,050The total job cost for Job T687 is closest to: (Round your intermediate calculations to 2 decimal places.)
A. $1,725 B. $990 C. $1,365 D. $2,040
If the standard to produce a given amount of product is 500 direct labor hours at $15 and the actual was 600 hours at $17, the rate variance was $1,200 favorable
Indicate whether the statement is true or false
A firm launching a new product for which historical data does not exist would likely use which type of forecasting technique?
a. Quantitative b. Qualitative c. Qualified d. Quantified