Which of the following is a reason companies use standard costs?
A) to enhance customer loyalty
B) to set sales prices of products and services
C) to share best practices with other companies
D) to ensure the accuracy of the financial records
B) to set sales prices of products and services
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Which of the following is not classified as paid-in capital on the balance sheet?
a. common stock b. common stock distributable c. excess of issue price over par d. treasury stock
Which of the following statements is not a key problem in financial planning?
A. Determining the proper time horizon for the projection B. Conceptualizing a methodology that is different from the day-to-day working of the firm C. Overcoming the paucity of historic information D. Creating shorthand explanations of what may otherwise be complicated relationships
In the five-component model of an information system, hardware and software are part of the human side.
Answer the following statement true (T) or false (F)
The following static budget is provided: Units 28,000? UnitsSales$280,000? Less variable costs: Manufacturing costs$98,000? Selling and administrative costs$58,800? Contribution margin$123,200? Less fixed costs: Manufacturing costs$44,800? Selling and administrative costs$21,000? Net income$57,400? What will budgeted net income equal if 26,000 units are produced and sold? (Do not round intermediate calculations.)
A. $48,600 B. $29,400 C. $560,000