There is a universal set of compensable factors that can be used by all organizations when developing methods for determining the value of various jobs.
Answer the following statement true (T) or false (F)
False
Early approaches to job evaluation proposed a set of universal factors. The belief was that a given set of factors-usually skill, responsibility, and working conditions-should apply to all jobs. This theory has gradually been replaced by one postulating that each organization must tailor its compensable factors to fit its own special requirements. Thus, complete adoption of any set of universal factors is not recommended.
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At the end of its first year of operations on December 31, 2016, the Brandon Company reported taxable income of $100,000 and had a pretax financial loss of $60,000. Differences between taxable income and pretax financial income included interest revenue received from municipal obligations of $20,000 and warranty expense accruals of $180,000. Warranty expenses of $90,000 are expected to be paid in
2017 and $110,000 in 2018. The enacted income tax rates for 2016, 2017, and 2018 are 30%, 35%, and 40%, respectively. The journal entry to record income tax expense on December 31, 2016, would be A) Deferred Tax Asset 75,500Income Taxes Payable 30,000Income Tax Benefits fromOperating Loss Carryforward 45,500 B) Deferred Tax Asset 30,000Income Taxes Payable 30,000 C) Income Tax Expense 30,000Income Taxes Payable 30,000 D) Deferred Tax Asset 105,500Income Taxes Payable 30,000Income Tax Benefit fromOperating Loss Carryforward 75,500
A company's financial records at the end of the year included the following amounts:Cash$70,000Accounts Receivable28,000Supplies4,000Accounts Payable10,000Notes Payable5,000Retained Earnings, beginning of year17,000Common Stock40,000Service Revenue53,000Wages Expense8,000Advertising Expense5,000Rent Expense10,000What is the amount of net income on the income statement for the year?
A. $88,000 B. $30,000 C. $47,000 D. $38,000
In a workflow analysis, after we identify the end result, we have to identify the _____________ that create that end result.
A. steps or activities B. raw materials C. management process D. labor hours E. strategies
Variable costing and absorption costing income statements may differ because of their treatment of fixed selling and administrative costs
Indicate whether the statement is true or false