A standard costing system
a. is not typically used by management for cost planning and cost control purposes.
b. is a system in which all costs affecting the three inventory accounts and the Cost of Goods Sold account are stated in terms of actual costs incurred.
c. depends on actual costs rather than planned costs.
d. is employed with an existing job order costing or process costing system and is not a full cost accounting system in itself.
D
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Answer the questions below. a.You are negotiating a book deal for your newest novel in which an economist single-handedly saves the world. The publisher offers to pay you an advance of $1 million today plus $500,000 at the end of each of the next three years. What is the present value of these payments, given the annual rate of discount is 5 percent? Show your work. b.You counter the publisher's offer with a counteroffer that will pay you $1.5 million today plus $5 per book sold in each of the next three years. You think you will sell 80,000 books each year in the next three years, but the publisher thinks you will only sell 40,000 books each year. Explain why both you and the publisher like this counteroffer better than the deal in part a. Show your work.
What will be an ideal response?
Analytical procedures are a type of substantive evidence
a. True b. False Indicate whether the statement is true or false
Contingency leadership stipulates that:
A) Group effectiveness is dictated by employee commitment B) Group effectiveness is not affected by the relationship between the styles of leadership C) The contingent group dynamics affect the results achieved by the leader D) The effectiveness of a group is dependent on the relationship between the style of leadership and the degree to which the situation enables the leader to exert influence
Which of the following is a critical data characteristic?
A) just sufficient B) random C) arrival after task completion D) high cost