Corporate officers and directors may be held criminally liable for the actions of employees under their supervision
Indicate whether the statement is true or false
T
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Applied research is conducted to expand our knowledge rather than to solve a specific problem
Indicate whether the statement is true or false
Bret is convicted of arson for burning down his warehouse to collect the insurance. On an application for insurance from Cover-All Insurance Company on a new building, in answer to a question about prior convictions, Bret does not disclose his conviction. This makes the contract
A. binding because the omission is immaterial to Cover-All's decision to issue coverage. B. binding due to Cover-All's failure to discover Bret's conviction. C. voidable by Bret because the omission is immaterial to Cover-All's decision to issue coverage. D. voidable by Cover-All because the omission is material to its decision to issue coverage.
Which of the following statements are true about inventory accuracy?
I. Inventory accuracy is essential for planning. II. It is important to find the cause of record error. III. Periodic audits of inventory will find the cause of record error. A) I, II and III B) I and II only C) I and III only D) II and III only E) none of the above
A furniture manufacturer uses a standard costing system in which standard machine-hours (MHs) is the measure of activity. Data from the company's flexible budget for manufacturing overhead are given below: Denominator level of activity 1,400MHsOverhead costs at the denominator activity level: Variable overhead cost$12,040 Fixed overhead cost$17,360 The following data pertain to operations for the most recent period: Actual hours 1,300MHsStandard hours allowed for the actual output 1,440MHsActual total variable manufacturing overhead cost$11,440 Actual total fixed manufacturing overhead cost$18,560 The predetermined overhead rate is closest to:
A. $21.43 per hour B. $21.00 per hour C. $22.62 per hour D. $23.08 per hour