Answer the following statements true (T) or false (F)
Financial statement preparers strongly opposed OPEB recognition.
ANSWER: T
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Housholder Corporation uses a predetermined overhead rate base on machine-hours that it recalculates at the beginning of each year. The company has provided the following data for the most recent year. Estimated total fixed manufacturing overhead from thebeginning of the year$310,000 Estimated activity level from the beginning of the year 20,000machine-hoursActual total fixed manufacturing overhead$338,000 Actual activity level 18,300machine-hours The amount of manufacturing overhead that would have been applied to all jobs during the period is closest to:
A. $310,000 B. $283,650 C. $28,000 D. $309,270
Why would an organization require the paymaster to deliver all unclaimed paychecks to the internal audit department?
a. to detect a "phantom employee" for whom a check was produced b. to prevent an absent employee's check from being lost c. to avoid paying absent employees for payday d. to prevent the paymaster from cashing unclaimed checks
A company with significant amounts of accounts receivable experiences uncollectible accounts from time to time. If the company uses the direct write-off method, the effect of writing off an uncollectible receivable will be ________.
A) a reduction in net income B) negligible on net income C) an increase in total assets D) a generation of positive cash flow
Output for ANOVA in XL Data Analyst shows you which pairs of averages are:
A) practically different B) significantly different C) managerially significant D) only average E) none of the above; ANOVA compares percentages