Hiss Corporation's activity for the last six months is as follows: Machine Hours Electrical CostJuly2,000 $1,560August3,000 $2,230September2,400 $1,750October1,900 $1,520November1,800 $1,450December2,100 $1,600 Using the high-low method of analysis, the estimated fixed cost per month for electricity is closest to:
A. $260
B. $280
C. $235
D. $800
Answer: B
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One advantage of participatory budgeting is that it allows subordinates to perform the budgeting function thus freeing up upper management for more important tasks.
Answer the following statement true (T) or false (F)
The assessment as to whether a misstatement in a cash-flow classification is material should be primarily based on an income statement perspective
a. True b. False Indicate whether the statement is true or false
Management should usually strive to keep the cash ratio high
Indicate whether the statement is true or false
The current operating school of thought holds that:
a. All components of comprehensive income should be in the income statement. b. The income statement should contain only normal operating components of comprehensive income. c. Retained earnings should reflect only total earnings as reported in the income statement and dividend distributions, in addition to beginning and ending balances. d. Unusual or infrequently occurring gains and losses should be reported on the income statement.