In ERP software, the procurement module includes the best practices on purchasing
Indicate whether the statement is true or false
TRUE
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Having too much "fine print" in customer policies and guarantees is necessary to exceed customer expectations of value
Indicate whether the statement is true or false
Although opportunity costs are not recorded in the financial records, they nevertheless are useful for decision making.
Answer the following statement true (T) or false (F)
James Corporation uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased. Information for raw materials for the month of December follows: Standard unit price $3.30 Actual purchase price per unit $3.50 Actual quantity purchased 2,000 units Actual quantity used 1,900 units Standard quantity allowed for actual production 1,800 units What
is the entry to record material usage? a. Work in process 6,270 Materials quantity variance 330 Materials 6,600 b. Work in process 6,270 Materials quantity variance 330 Materials 5,940 c. Work in process 6,300 Materials quantity variance 350 Materials 6,650 d. Work in process 5,940 Materials quantity variance 330 Materials 6,270
Why are fixed costs generally more relevant in long-run decisions than short-run decisions?