Absorption costing conforms with generally accepted accounting principles
Indicate whether the statement is true or false
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Taking appropriate action on variances includes all of the following except:
a. Ignoring the cause of favorable variances. b. Revising the standard because it was set incorrectly. c. Improving the manufacturing process. d. Looking for new suppliers.
Election delays usually work in favor of employers for all of the following reasons except:
A. The union looks weak and unable to make progress against the employer. B. Union supporters may quit or be discharged. C. The employer gains more time to campaign against the union. D. The NLRB may decide that a union election is not feasible.
Which of the following is true of comprehensive income?
A) All items included in comprehensive income enter into the determination of net income. B) Dividend payments are not included in the determination of comprehensive income, even though it results in a decrease in total stockholders' equity. C) Comprehensive income includes company changes in total stockholders' equity from all sources, including owners' investments. D) Comprehensive income cannot be combined with a traditional income statement into a combined statement of comprehensive income.
The understatement of the beginning inventory balance causes:
A. Cost of goods sold to be understated and net income to be understated. B. Cost of goods sold to be overstated and net income to be correct. C. Cost of goods sold to be overstated and net income to be understated. D. Cost of goods sold to be overstated and net income to be overstated. E. Cost of goods sold to be understated and net income to be overstated.