Under the perfect tender rule, the buyer can reject a whole shipment of nonconforming goods
Indicate whether the statement is true or false
TRUE
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The denominator of a return ratio will be some measure of the company's income for the period
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. Managers should look at any variance that is significant. 2. A direct labor efficiency variance is favorable if laborers actually work more hours than the flexible budget calls for to produce the actual quantity of output. 3. A direct labor cost variance is unfavorable if the employer pays workers more per hour than budgeted. 4. When investigating variable overhead variances, management needs to determine whether cost increases were controllable or if the cost standard needs to be updated. 5. In a standard cost system, the standard overhead allocation rate replaces the predetermined overhead allocation rate but the concept is the same.
Yield measures the ratio of the materials output quantity to the materials input quantity
Indicate whether the statement is true or false
Dr. Wells purchased a refrigerator for use in his home. The refrigerator will be classified as:
A) consumer goods. B) equipment. C) farm products. D) inventory.