Which of the following is the correct formula for measuring a cost variance?
A) Cost Variance = (Actual Cost + Standard Cost) / Actual Quantity
B) Cost Variance = (Actual Cost - Standard Cost) × Actual Quantity
C) Cost Variance = (Actual Cost + Standard Cost) + Actual Quantity
D) Cost Variance = (Actual Cost - Standard Cost) - Actual Quantity
B) Cost Variance = (Actual Cost - Standard Cost) × Actual Quantity
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An auditor who accepts an audit engagement and does not possess expertise with respect to the business entity's industry, should:
A. refer a substantial portion of the audit to another CPA, who will act as the principal auditor. B. first inform management that an unqualified opinion cannot be issued. C. engage financial experts familiar with the nature of the business entity. D. obtain a knowledge of matters that relate to the nature of the entity's business.
Jayden works on the assembly line for a local label soda company. He has been swapping ideas with his coworkers to make the job more efficient. He thinks he has developed a quicker less laborious method, but his supervisor acts insulted when Jayden brings up the idea, and tells Jayden to stop wasting his efforts by creating extra work for them. Jayden’s workplace lacks ______ for creativity.
A. supervisory support B. work group support C. coordinated support D. organizational support
On February 15, Jewel Company buys 7500 shares of Marcelo Corp. common stock at $28.58 per share plus a brokerage fee of $425. The stock is classified as long-term available-for-sale securities. This is the company's first and only investment in available-for-sale securities. On March 15, Marcelo declares a dividend of $1.20 per share payable to stockholders of record on April 15. Jewel received the dividend on April 15 and ultimately sells half of the Marcelo stock on November 17 of the current year for $29.35 per share less a brokerage fee of $275. The journal entry to record the purchase on February 15 is:
A. Debit Debt Investments-Trading $214,775; credit Cash $214,775. B. Debit Debt Investments-AFS $214,775; credit Cash $214,775. C. Debit Debt Investments-Trading $214,350; credit Cash $214,350. D. Debit Debt Investments-AFS $214,350; credit Cash $214,350. E. Debit Debt Investments-HTM $220,125; credit cash $220,125.
The legislature of the state of Mississippi enacts a new statute that sets standards for the liability of businesses selling defective products. This statute applies
A. only in Mississippi. B. only in Mississippi and its border states. C. in all states. D. in all states but only to matters not covered by other states' laws.