Given an activity's optimistic, most likely, and pessimistic time estimates of 4, 6, and 14 days respectively, compute the PERT expected activity time for this activity
A) 8
B) 6
C) 7
D) 9
E) None of the above
C
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Which of the following would not be included as part of the documentation related to the substantive procedures for marketable securities?
a. A schedule of marketable securities prepared by the client. b. Reports of any outside valuation experts. c. Calculation of any potential impairments. d. Policies over purchase or sale of marketable securities.
Determining whether the benefit received from more refined information exceeds the cost of obtaining the information is a(n):
a. Pricing decision. b. Activity-based cost model. c. Cost/benefit decision. d. Cost performance report.
The reason for combining direct labor and overhead costs together and calling them "conversion costs" is that
a. they both are direct costs of production. b. the equivalent unit amount for direct materials will be the same as that for direct labor and overhead costs. c. both types of costs usually are incurred uniformly throughout the production process. d. the costs for direct labor and overhead are not accounted for separately.
U.S. GAAP and IFRS provide criteria for distinguishing operating leases from capital leases. Which of the following is true?
a. Firms cannot currently apply the fair value option to capital leases. b. When the lessor enjoys the benefits and bears the risk, the lease is an operating lease. c. When the lessee enjoys the benefits and bears the risk, the lease is a capital lease. d. IFRS provides more general criteria for identifying the entity enjoying the rewards and incurring the risk. e. all of the above