The Supreme Court has defined the scope of the Commerce Clause narrowly and, therefore, has restricted the powers of the federal government to regulate business
a. True
b. False
Indicate whether the statement is true or false
False
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Which method assigns the cost of the most recent items purchased to ending inventory?
a. Specific identification b. Weighted average cost c. FIFO d. LIFO
Which of the following is true of the "swing group" of employees in organizations?
a. Individuals in this group have situational ethics. b. Individuals in this group are dishonest most of the time. c. Individuals in this group do not know how to translate their ethical values to the business world. d. Individuals in this group lack ethical courage.
Under the RUPA, a partner's dissociation in a term partnership is wrongful if before expiration of the term:
a. the partner voluntarily withdraws one month after another partner dies. b. the partner dies. c. a court determines the partner became incapable of performing her duties under the partnership agreement. d. the partner becomes a debtor in bankruptcy.
Summit Financial Advisors provides accounting and finance assistance to customers in the retail business
Summit has four professionals on staff and an office with six clerical staff. Total compensation, including benefits, for the professional staff run about $731,000 per year, and it normally has about 8,500 billable hours per year. The professional staff keep detailed time sheets organized by client number. The total office and administrative costs for the year are $561,000. Summit allocates office and administrative costs to clients monthly, using a predetermined overhead allocation rate based on billable hours. During July, Summit's professionals spent 41 hours on their client. What is the total amount of cost that Summit will record for the client for the month? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) A) $3,526 B) $2,706 C) $1,292,000 D) $6,232