A hierarchical pay structure seeks to encourage teamwork by minimizing pay differentials among employees.
Answer the following statement true (T) or false (F)
False
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Individuals with access authority to general ledger accounts should not prepare journal vouchers
Indicate whether the statement is true or false
[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 25,000unitsUnits sold this year 15,000unitsDirect materials$9per unitDirect labor$11per unitVariable overhead$3per unitFixed overhead$137,500in totalGiven Advanced Company's data, compute cost of finished goods in inventory under variable costing.
A. $285,000 B. $345,000 C. $427,500 D. $712,500 E. $230,000
Turner Company reported assets of $20,000 (including cash of $9,000), liabilities of $8,000, common stock of $7,000, and retained earnings of $5,000. Based on this information, what can be concluded?
A. 40% of Turner's assets are the result of borrowing from creditors. B. 25% of Turner's assets are from prior earnings, $5,000 is the maximum possible dividend, and 40% of assets are the result of borrowed resources. C. $5,000 is the maximum dividend that can be paid to shareholders. D. 25% of Turner's assets are the result of prior earnings.
Which of the following statements about government buying is true?
A. One of the primary concerns of government buyers is finding the lowest price. B. A government buyer may be forced to accept the lowest bid whether he wants the goods or not. C. Purchases by government buyers in the United States are usually subject to a great deal of public review. D. A government buyer can accept a higher bid when lower bids don't meet the required specifications. E. All these answers are correct.