Which of the following sales variances is further analyzed into the market share and industry volume variances?
A. Efficiency.
B. Quantity.
C. Activity.
D. Mix.
Answer: C
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The Designer Company issued 10-year bonds on January 1 . The 6% bonds have a face value of $800,000 and payinterest every January 1 and July 1 . The bonds were sold for $690,960 based on the market interest rate of8%. Designer uses the effective interest method to amortize bond discounts and premiums. On July 1, of the firstyear, Designer should record interest expense (round to the nearest
dollar) of a. $27,638 b. $24,000 c. $48,000 d. $55,277
Grace Corporation purchased treasury stock for $150,000. The journal entry to record the transaction is:
A) Cash 150,000 Treasury Stock 150,000 B) Treasury Stock 150,000 Common Stock 150,000 C) Treasury Stock 150,000 Cash 150,000 D) Common Stock 150,000 Treasury Stock 150,000
What is the effect on the accounting equation when a company recognizes rent as earned that had previously been received in advance from customers?
A) Assets increase B) Assets decrease C) Liabilities increase D) Equity increases
Which of the following statements is NOT correct concerning the appendix of a report?
a. Each report contains only one appendix, although several things may be placed in it. b. The appendix is a good place to put lengthy material that is related to the information in the body. c. Each item in the appendix must be mentioned in the report. d. The appendix may include questionnaires, summary tabulations, legal documents, or mathematical computations.