Kean and Bubnick are real estate agents who share commissions on joint sales. This sharing of gross returns establishes a partnership unless Kean and Bubnick have a written agreement to the contrary
a. True
b. False
Indicate whether the statement is true or false
False
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Two methods are available to prepare the operating activities section of a statement of cash flows. Which of the following statements regarding these two methods is false?
a. If a company uses the indirect method, it must separately disclose the cash payments made for interest and income taxes. b. If a company uses the direct method, it must present a separate schedule which reconciles net income to net cash from operating activities. c. Advocates of the direct method believe that the indirect method reveals too much by telling readers gross amounts of cash receipts and cash payments from operations. d. The FASB prefers the direct method, while most companies use the indirect method in practice.
Words that draw mental pictures for the reader are good to use
Indicate whether the statement is true or false.
A financial intermediary transfers
A. savings to households. B. savings to borrowers. C. stocks to brokers. D. new stock issues to buyers.
Standard Corporation has developed standard manufacturing overhead costs based on a capacity of 180,000 direct labor-hours (DLHs) as follows:Standard overhead costs per unit:Variable portion: 2 DLHs × $3 per DLH = $6Fixed portion: 2 DLHs × $5 per DLH = $10The following data pertain to operations in April: Actual output 80,000unitsActual direct labor cost$644,000 Actual direct labor-hours worked 165,000DLHsVariable overhead cost incurred$518,000 Fixed overhead cost incurred$860,000 The variable overhead efficiency variance for April was:
A. $23,000 Unfavorable B. $38,000 Unfavorable C. $15,000 Unfavorable D. $38,000 Favorable