Which of the following concepts focuses on preparers of financial information?
a. Comparability
b. Consistency
c. Uniformity
d. Both b and c
ANSWER: D
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Which of the following governs a limited partnership, its internal affairs, and the liability of its limited partners?
A. the federal government B. all states in which the business operates C. the articles of limited partnership D. the law of the state in which it is organized
Karvel Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. For the month of August, Karvel estimated total manufacturing overhead costs at $300,000 and total machine-hours at 75,000 hours. Actual results for the period were manufacturing overhead costs of $290,000 and 75,000 machine-hours. As a result, Karvel would have:
A. applied an amount of overhead to Work in Process that was equal to the actual amount of overhead. B. applied more overhead to Work in Process than the actual amount of overhead cost for the year. C. found it necessary to recalculate the predetermined overhead rate. D. applied less overhead to Work in Process than the actual amount of overhead cost for the year.
The principle is liable for injury caused by his agent during inherently dangerous activities, even if the agent is an independent contractor
Indicate whether the statement is true or false