A corporation is recognized as a "person."
Answer the following statement true (T) or false (F)
True
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Standard unit costs generally do not include which of the following?
a. Direct materials costs b. Indirect materials costs c. President's salary d. Depreciation on machinery
The purchase of a property that included land, building, and related improvements is called a lump-sum or basket purchase.
Answer the following statement true (T) or false (F)
Johnson Construction Materials Company has a sales office that sells concrete culvert pipes to property developers
The sales office is a revenue center and prepares a monthly responsibility report. The following information is provided. Revenue Center Responsibility Report Product Type Actual Sales Revenue Flexible Budget Variance U/F Flexible Budget Sales Volume Variance U/F Static Budget 40 inch $31,700 $30,000 $40,800 36 inch long 40,200 42,200 33,000 36 inch short 36,000 33,100 31,100 32 inch 19,100 20,900 28,000 What is the flexible budget variance for the 40-inch pipe? A) $1,700 U B) $10,800 F C) $10,800 U D) $1,700 F
Income bonds pay interest only if the issuing company actually earns the indicated interest. Thus, these securities cannot bankrupt a company, and this makes them safer from an investor's perspective than regular bonds.
Answer the following statement true (T) or false (F)