An activity can include only one work package.
Answer the following statement true (T) or false (F)
False
Activities usually represent one or more tasks from a work package.
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Which of the following is true about investing to protect position in growth markets?
A) Protecting a share leadership position in a growth market requires a much lower investment in new products than would be required in a mature market. B) Growing markets are inherently prone to inducing share loss. C) The faster a market is growing, the lower the investment a company must make in marketing resources to protect share from new and existing competitors. D) There is a direct relationship between market share change and size of market share. E) The effects of market growth on market share change remain the same across industries.
Which of the following statements regarding cash flows is true?
A) Many managers consider cash flow budgets to be the least important of all the budgets. B) As long as accounting revenues exceed accounting expenses, cash flow budgets do not have to be prepared. C) It is possible for cash receipts to exceed revenues earned in a given month. D) As long as a manager is confident that there will eventually be a cash receipt from a customer, the timing of the cash receipt is not important.
Identify a true statement about downward communication.?
A) ?It helps employees learn about the quality of their job performance. B) ?It flows from the front lines of an organization to the top. C) ?It is primarily feedback to requests and actions of supervisors. D) ?It keeps management informed about the feelings of lower-level employees.
Shankland Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows:InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials1.5pounds$8.50per pound$12.75Direct labor0.50hours$18.00per hour 9.00Fixed manufacturing overhead0.50hours$9.00per hour 4.50Total standard cost per unit $ 26.25The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $67,500 and budgeted activity of 7,500 hours.
During the year, 24,600 units were started and completed. Actual fixed overhead costs for the year were $84,800.Assume that all transactions are recorded on a worksheet as shown in the text. On the left-hand side of the equals sign in the worksheet are columns for Cash, Raw Materials, Work in Process, Finished Goods, and PP&E (net). All of the variance columns are on the right-hand-side of the equals sign along with the column for Retained Earnings.When applying fixed manufacturing overhead to production, the Work in Process inventory account will increase (decrease) by: A. ($6,800) B. $110,700 C. ($110,700) D. $6,800