GASB standards require that any fund that does not meet the specified criteria to be considered a major fund must be reported as part of a single column under the label nonmajor fund.
a. true
b. false
Ans: b. false
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________ problems arise when the receiver doesn't listen carefully or reads too quickly and overlooks a key point.
A. Encoding B. Decoding C. Filtering D. Compound E. Perception
Carl and Rob are both engaged in road construction work. They know that several jobs are going to be up for public bids, and agree between themselves that Carl will bid on one job and Rob will bid on the other, so that they both have work for the summer. When the bids are opened, Carl realizes that Rob has bid on both jobs. Rob is awarded both contracts. If Carl now wants to sue Rob for breach of
contract: A) Carl would probably win on the basis of promissory estoppel since he has detrimentally relied upon Rob's representation that he would not bid. B) the court will likely award Carl damages since Carl is less at fault than Rob. C) the agreement is in violation of public policy and will not be enforced by the courts. D) the agreement obstructs the administration of justice and will not be enforced by the courts.
Lenart Corporation has provided the following data for its two most recent years of operation: Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials$13Direct labor$6Variable manufacturing overhead$4Fixed manufacturing overhead per year$70,000Selling and administrative expenses: Variable selling and administrative expense per unit sold$6Fixed selling and administrative expense per year$83,000 Year 1Year 2Units in beginning inventory01,000Units produced during the year10,0007,000Units sold during the year9,0006,000Units in ending inventory1,0002,000The unit product cost under absorption costing in Year 2 is closest to:
A. $39.00 B. $23.00 C. $33.00 D. $10.00
International publications offer advertisers a way to reach large audiences on a regional or worldwide basis.
Answer the following statement true (T) or false (F)