If performance in a contract becomes extremely difficult after the contract is formed, it automatically discharges the contract.?
Indicate whether the statement is true or false
False
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The Securities and Exchange Commission (SEC) is concerned with
a. All companies in the United States regardless of size. b. Companies that issue securities to the general public. c. Accounting reports issued by government entities. d. All domestic and international companies that issue accounting reports.
Activity-based management and lean operations can be used either together or separately to eliminate waste and manage activities
Indicate whether the statement is true or false
The following data is given for the Harry Company: Budgeted production 26,000 units Actual production 27,500 units Materials: Standard price per ounce $6.50 Standard ounces per completed unit 8 Actual ounces purchased and used in production 228,000 Actual price paid for materials $1,504,800 Labor: Standard hourly labor rate $22 per hour Standard hours allowed per completed unit 6.6 Actual labor
hours worked 183,000 Actual total labor costs $4,020,000 Overhead: Actual and budgeted fixed overhead $1,029,600 Standard variable overhead rate $24.50 per standard labor hour Actual variable overhead costs $4,520,000 Overhead is applied on standard labor hours. The direct labor time variance is: A) 6,000F B) 6,000U C) 33,000U D) 33,000F
In a bankruptcy unsecured creditors are owed a total of $600,000. Unsecured creditor A is owed $300,000, unsecured creditor B is owed $200,000 and unsecured creditor C is owed $100,000. There is only $100,000 available to the unsecured creditors
As a result creditor A will get A) $100,000 B) $75,000 C) $50,000 D) $33,333 E) whatever amount the trustee decides is fair