The activity variance for revenue is favorable if the revenue in the flexible budget exceeds the revenue in the static planning budget.
Answer the following statement true (T) or false (F)
True
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The Park Company is affected by the following contingencies at the end of 2016: 1. Expropriation of Park's foreign assets, valued at $3,000,000, appears reasonably possible. 2. Parks' legal counsel has concluded that it is probable that the company will be required to pay damages of $500,000 in a lawsuit. 3. It appears remotely possible that a major customer will be unable to repay Parks on a
note receivable for $100,000. 4. Parks' controller estimates that $250,000 of the company's pledged receivables are likely to be uncollectible, and the lender will require Parks to honor the amounts. What total amount should Parks accrue for loss contingencies in 2016? A) $750,000 B) $850,000 C) $3,500,000 D) $3,850,000
A sporting goods retailer anticipates running a print advertisement campaign during the beginning of the year in support of customers' anticipated New Year's resolutions to get in physical shape. The sporting goods retailer asks its key vendors to partner with it in covering the expenses of the ad campaign. Vendors agree to support the ________ as long as they are certain that their products will be featured in the advertisements.
A. spot promotion B. double pocket promotion C. double truck D. co-op advertising E. partnering promotions
Jonathan fills out his own tax returns. He believes that the federal government keeps too much money from his earnings. He believes that he should be able to keep more of his money. He would like to claim more deductions on his tax forms to do so. However, he claims only those deductions that he is sure that he is legally entitled to because he is afraid of breaking the law and getting into trouble. What level of moral development does Jonathan display in this example?
a. pre-conventional b. conventional c. post-conventional d. ultra-conventional
Accounts payable $ 30,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 20,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 625,000 Prepaid expenses 2,000 Based on the above data, what is the amount of working capital?
A) $238,000 B) $138,000 C) $178,000 D) $64,000