A direct labor rate variance would occur in which of the following?
A) When a production employee takes an unplanned break
B) When a production employee spends more time producing one product than was expected
C) When a low-paid production employee performs a task higher than his or her assigned level
D) When a production employee incurs overtime hours at the same hourly rate as regular pay
C
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A company's internal control system:
A. Eliminates the need for audits. B. Eliminates the company's risk of loss. C. Eliminates the need for managers' certification of controls. D. Monitors company and employee performance. E. Eliminates human error.
According to the text, the types of information an IC needs to have reported by subsidiaries include all of the following except:
A. technological. B. market opportunities. C. cultural. D. political and economic events. E. financial.
The April 30 bank statement for Trimble Corporation shows an ending balance of $35,851. The unadjusted cash account balance was $29,750. The accountant for Trimble gathered the following information: 1. There was a deposit in transit for $4530. 2. The bank statement reports a service charge of $74. 3. A credit memo included in the bank statement shows interest earned of $295. 4. Outstanding checks totaled $11,680. 5. The bank statement included a $1270 NSF check deposited in April. What is the true cash balance as of April 30?
A. $33,231 B. $32,936 C. $28,701 D. $27,431
When should complete inspection be used?
A) when inspection tests are destructive B) when inspection tasks are monotonous C) when the cost of product failure is high relative to the inspection costs D) when quality is a competitive priority