Which of the following best describes cost-of-living adjustment?
A. increment to base pay in recognition of past work behaviour
B. consolidated pay which is not subject to any change regardless of the cost-of-living
C. percentage increment to base pay provided to all employees regardless of performance
D. compensation to provide for items that are in short supply
E. one-time payments for meeting previously established performance objectives
Answer: C
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In a traditional volume-based cost system, total manufacturing costs are calculated by:
A. adding activity cost, direct material cost, and direct labor cost. B. subtracting manufacturing overhead from selling price. C. adding manufacturing overhead cost, direct materials cost, and direct labor cost. D. adding direct material cost and direct labor cost.
A delivery truck was purchased for $32,000 two years ago. It has a carrying value of $24,000 and an estimated residual value of $4,000 . Assuming the use of straight-line depreciation, the truck's estimated useful life must have been
a. three and one-half years. b. seven years. c. 14 years. d. impossible to determine from the facts given.
The inflows and outflows of cash during the year appear in the statement of cash flows in one of three categories: operating, investing, and financing. Explain each category
Which of the following is true of the display of warranty disclaimers?
A) It can be implied as an understanding between the buyer and seller. B) It should be conspicuous and noticeable. C) It need only be present in the contract. D) It must be published in the local newspaper before actually being displayed.