A personal area network (PAN) is also called ________
A) pinocet
B) piconet
C) panhellenic
D) proxy-holder
B
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For manufacturing firms, the cost of completed products remains on the balance sheet as __________ assets until the firm sells the products; upon sale, the cost of the assets becomes a cost of goods sold expense
a. Direct Materials Inventory b. Work-in Progress Inventory c. Finished Goods Inventory d. Cost of Products Ready for Sale e. none of the above
In an auction, a bid is an offer, and not a contract, until the auctioneer accepts the bid
Indicate whether the statement is true or false
Bank credit cards are widely accepted by retailers who desire to offer credit but do not have their own credit cards.
Answer the following statement true (T) or false (F)
Hislop Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (i.e., cost drivers), namely student and course. The school uses the following data in its budgeting: Fixed elementper monthVariable elementper studentVariable element per courseRevenue$0 $212 $0 Faculty wages$0 $0 $2,100 Course supplies$0 $37 $45 Administrative expenses$28,800 $6 $26 In June, the school budgeted for 1,910 students and 111 courses. The school's income statement showing the actual results for the month appears below:Hislop TechIncome StatementFor the Month Ended June 30Actual students 1,810Actual courses 106Revenue$387,740Expenses: Faculty wages 218,200 Course supplies 72,360 Administrative expenses 41,716Total expense 332,276Net operating
income$ 55,464Required:Prepare a report showing the school's revenue and spending variances for June. Label each variance as favorable (F) or unfavorable (U). What will be an ideal response?