If the parties to a contract stipulate an amount that will be paid in the event of a breach, the courts will always enforce it
a. True
b. False
Indicate whether the statement is true or false
False
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Typically, operational control is accomplished through reports issued
A. daily. B. weekly. C. monthly. D. quarterly or less frequently. E. randomly.
Automation means that a computer does an activity or a part of an activity that was once done by a person
Indicate whether the statement is true or false
Weyers Incorporated makes a single product-a critical part used in commercial airline seats. The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Total budgeted manufacturing overhead$258,300 Budgeted production (a) 25,000unitsStandard hours per unit (b) 1.40machine-hoursBudgeted hours (a) × (b) 35,000machine-hours Actual production (a) 27,000unitsStandard hours per unit (b) 1.40machine-hoursStandard hours allowed for the actual production (a) × (b) 37,800machine-hoursTotal actual manufacturing overhead$268,256 The total manufacturing overhead is underapplied or overapplied by how much? (Round your
intermediate calculations to 2 decimal places.) A. $9,956 Underapplied B. $9,956 Overapplied C. $10,708 Overapplied D. $10,708 Underapplied
Match the following terms with the appropriate definition.
A) The principle that requires a business to be accounted for separately from its owners. B) Happenings, such as changes in market value, that effect the accounting equation and are reliably measured. C) The relation between a company's assets, liabilities, and equity. D) A financial statement that lists cash inflows (receipts) and cash outflows (payments); the cash flows are arranged by operating, investing, and financing activities. E) Creditor's claims on assets. F) The principle that assumes transactions and events can be expressed in money units. G) Describes a company's revenues and expenses along with the resulting net income or loss over a period of time. H) The cost of assets or services used to earn revenue. I) The principle that revenue is recorded when earned through providing goods or services. 1. Statement of cash flows 2. Events 3. Monetary unit principle 4. Business entity principle 5. Revenue recognition principle 6. Accounting equation 7. Income statement 8. Expenses 9. Liabilities