A ________ is a numerical statement about the likelihood that an event will occur
A) mutually exclusive construct
B) collectively exhaustive construct
C) variance
D) probability
E) standard deviation
D
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Which of the following would cause income of the current period to be understated?
a. Capitalizing research and development costs b. Failure to recognize unearned rent revenue c. Changing from LIFO to FIFO for merchandise inventory d. Understating estimates of asset residual values
In the context of the five phases in the life of an organization, identify a true statement about the period of growth in phase 2?
A. People are likely to work long hours for low pay in anticipation of future benefits. B. Groups and interdivisional teams perform tasks and solve problems. C. Responsibilities are divided between upper-level policymakers and lower-level specialists. D. Greater responsibility is given to lower-level leaders than higher-level responsibility.
Armstrong Products Armstrong Products applies fixed overhead at a rate of $3 per direct labor hour. Each unit produced is expected to take 2 direct labor hours. Armstrong expected production in the current year to be 10,000 units but 9,000 units were actually produced. Actual direct labor hours were 19,000 and actual fixed overhead costs were $62,000. Refer to the Armstrong Products information
above. Armstrong's fixed overhead spending variance is: A) $8,000 F. B) $8,000 U. C) $2,000 F. D) $2,000 U.
Competitive pressures stemming from buyer bargaining power tend to be weakest in which of the following circumstances?
A. There is a global decline in the demand for cable television services. B. The Internet offers a huge amount of information on a variety of products. C. Most consumers vary the brands they choose for their cookware and kitchen gadgets. D. Heinz owns a metal-can manufacturing subsidiary to cut back on supplier costs. E. The commercial jet aviation manufacturing industry offers highly differentiated products.