A brand name used for a product line should be compatible with most of the products in the line.
Answer the following statement true (T) or false (F)
False
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Which of the following is not true regarding the imperatives of ARS 1?
a. They are normative in nature. b. They have developed within the context of accounting practice. c. They are objectives that should be striven for. d. The key imperative postulate appears to be consistency.
No oral contract is enforceable under the UCC.
Answer the following statement true (T) or false (F)
Fact Pattern 14-3AFlip, an accountant, certifies an audit for Erstwhile Corporation, Flip's client, knowing that Erstwhile will use the audit to obtain a loan from Deepwater Bank. Flip believes that the audit is true and does not intend to deceive the bank, but does not check the audit before certifying it.Refer to Fact Pattern 14-3A. Under these circumstances, Deepwater's best course of action is most likely to
A. exert economic duress on Flip to retire from accounting. B. rescind the loan on the ground of unconscionability. C. recover damages from Flip for any loss on the loan. D. undercut Flip's career with negative puffery.
Majer Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateStandard Cost Per UnitDirect materials 6.4ounces$3.00per ounce$19.20Direct labor 0.4hours$13.00per hour$5.20Variable overhead 0.4hours$5.00per hour$2.00?The company reported the following results concerning this product in February. Originally budgeted output 4,800unitsActual output 4,900unitsRaw materials used in production 30,230ouncesActual direct labor-hours 1,910hoursPurchases of raw materials 32,600ouncesActual price of raw materials$2.90per ounceActual direct labor rate$12.40per hourActual variable overhead rate$4.90per hour?The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is
computed when the materials are purchased.?The materials quantity variance for February is: A. $3,277 F B. $3,390 F C. $3,390 U D. $3,277 U