Net income results in a(n)
a. increase in stockholders' equity.
b. increase in revenues.
c. decrease in expenses.
d. decrease in liabilities.
A
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If only one or two overhead cost pools are used,
a. it will be easy to determine which products or services are creating the most costs. b. overhead created by a specific product will be assigned to all products. c. the reduction in cost accumulation and allocation time will raise company profits. d. allocations should be made using only unit-based cost drivers.
The primary difference between a fixed budget and a flexible budget is that a fixed budget
A) cannot be changed after the period begins, whereas flexible budget can be changed after the period begins. B) is concerned only with future acquisitions of fixed assets, whereas a flexible budget is concerned with expenses that vary with sales. C) includes only fixed costs, whereas a flexible budget includes only variable costs. D) is a plan for a single level of production, whereas a flexible budget can be converted to any level of production.
A recently divorced man contacts a law office seeking assistance. His ex-wife has filed numerous actions to try and recover money and assets from her ex-husband, forcing him to spend thousands of dollars on legal fees
The couple was married for only three months, and they accumulated no assets. They rented an apartment, and each made $30,000 a year. The facts indicate that these were frivolous actions of the ex-wife. The man can likely sue for: A) civil fraud. B) defamation. C) malicious prosecution. D) trespass.
All debts are dischargeable in bankruptcy
a. True b. False