Standard costs are:
A. Rarely achieved.
B. Actual costs incurred to produce a specific product or perform a service.
C. Uniform among companies within an industry.
D. Established by the IMA.
E. Preset costs for delivering a product or service under normal conditions.
Answer: E
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____________________ is the practice of using the least optimistic estimate when two estimates of amounts are about equally likely
Fill in the blank(s) with correct word
Which of the following will decrease total equity? An increase in:
A) common stock material. B) net income. C) dividends paid. D) interest expense.
Percival takes his computer to a repair shop to have the disk drive repaired. This is most likely a A)?bailor benefit bailment
B)?bailee benefit bailment. C)?mutual benefit bailment. D)?leasehold arrangement.
Ivan Trent, age five, receive $2,900 of dividends per year from a mutual fund he owns; it is his only source of taxable income. Ivan's parents plan to gift a corporate bond they currently own to him. The bond pays $4,100 of interest income per year. Ivan's parents are in the 37% tax bracket. The individual income tax rate schedule that generally applies to a single taxpayer indicates a 10% tax rate until taxable income of $9,525. Ivan's family will save tax at the rate of 27% (37% - 10% tax rates) on the bond interest income if the parents transfer the bond to Ivan.
Answer the following statement true (T) or false (F)