All of the following are features of a standard cost system except:
a. Standards change as conditions change.
b. Variances may be determined more often than monthly to allow for more timely action.
c. Standards are based on estimates.
d. The company determines the actual cost of manufacturing a unit.
d
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The materiality constraint:
A. Prescribes that only information that would influence the decisions of a reasonable person need be disclosed. B. Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold. C. Prescribes that accounting information is based on actual cost. D. Prescribes that a company record the expenses it incurred to generate the revenue reported. E. Provides guidance on when a company must recognize revenue.
The Bill of Rights refers to:
a. the inalienable rights found at the beginning of the Constitution. b. the first ten amendments to the Constitution. c. a specific listing of individual rights found in the original text of the Constitution. d. a grouping of individual rights set forth by the United States Supreme Court shortly after the Constitution was ratified by the states.
The U.S. government has an ultimate ownership right in all of the land within its borders
a. True b. False Indicate whether the statement is true or false
Barlow owns the surface rights for Canyon Ranch, but does not own the subsurface rights. Dusty owns the subsurface rights. Canyon Ranch includes a house, a bunkhouse, and two barns, which are damaged when Dusty is excavating for minerals under the surface. Most likely liable for the damage is A) Dusty
B) Barlow. C) Dusty and Barlow. D) no one.