Super-variable costing is most appropriate where:
A. it is easy to accurately separate the variable and fixed components of manufacturing overhead.
B. manufacturing overhead consists entirely of variable cost.
C. direct labor is a fixed cost.
D. direct labor is a variable cost.
Answer: C
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If a buyer becomes concerned that the seller may not be able to perform required contract obligations, the buyer:
A. will be excused from fair trade under the test of commercial impracticability. B. can demand assurance from the seller that the contract will be performed. C. will be excused from performance under the test of impossibility. D. can legally cancel the contract without telling the seller.
Both cash inflows and outflows can be managed to control overall cash flow.
Answer the following statement true (T) or false (F)
Companies that are unable to commit the necessary resources to assess or certify supplier quality on their own will never accept ISO 9000:2008 registration as proxy evidence of a supplier's quality management capability
a. True b. False Indicate whether the statement is true or false
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements?
A. $1,600 of supplies; $200 of supplies expense B. $1,400 of supplies; $2,000 of supplies expense C. $1,600 of supplies; $3,400 of supplies expense D. $1,400 of supplies; $3,200 of supplies expense