If an agency is gratuitous, the principal ordinarily may revoke it without liability to the agent
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following represents the order from the least assurance to the most assurance provided for the types of services provided?
A. Compilation, review, audit. B. Audit, compilation, review. C. Audit, review, compilation. D. Review, compilation, audit.
Harrod Company paid $4,800 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $4,800 and no adjustments had been made previously. The adjusting entry required on December 31 is:
A. Debit Insurance Expense, $2,400; credit Prepaid Insurance, $2,400. B. Debit Prepaid Insurance, $2,400; credit Insurance Expense, $2,400. C. Debit Prepaid Insurance, $1,200; credit Insurance Expense, $1,200. D. Debit Insurance Expense, $1,200; credit Prepaid Insurance, $1,200. E. Debit Cash, $4,800; Credit Prepaid Insurance, $4,800.
Identify the four major provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
What will be an ideal response?
Levron Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $58,000, variable manufacturing overhead of $2.00 per machine-hour, and 20,000 machine-hours. The company has provided the following data concerning Job P978 which was recently completed:Number of units in the job20Total machine-hours80Direct materials$500Direct labor cost$2,640The predetermined overhead rate is closest to:
A. $2.00 per machine-hour B. $2.90 per machine-hour C. $4.90 per machine-hour D. $6.90 per machine-hour