Specialty products that require service information and are consumed over a long period of time are likely to be distributed on an exclusive basis.
Answer the following statement true (T) or false (F)
True
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Answer the following statements true (T) or false (F)
1. The traditional income statement format is prepared under absorption costing. 2. Under absorption costing, all product costs are first recorded as assets in inventory accounts, and later transferred to the Cost of Goods Sold account when sold. 3. Variable costing is used for external reporting purposes, and absorption costing is used for internal decision-making purposes. 4. Contribution margin is calculated by deducting the total cost of goods sold from sales revenue. 5. The traditional income statement format calculates operating income as gross profit minus selling and administrative expenses.
Modine Corporation has provided the following data for September.?Denominator level of activity1,600 machine-hours?Budgeted fixed manufacturing overhead costs$42,400??Fixed portion of the predetermined overhead rate$26.50 per machine-hour?Actual level of activity1,700 machine-hours?Standard machine-hours allowed for the actual output2,000 machine-hours?Actual fixed manufacturing overhead costs$41,740?Required:a. Compute the budget variance for September. Show your work!b. Compute the volume variance for September. Show your work!
What will be an ideal response?
Which financial statement includes a specific date in its heading?
A) Statement of retained earnings B) Statement of cash flows C) Income statement D) Balance sheet
Dave is an agent for Easy Pay Insurance. Easy Pay insures only high-quality applicants. Dave wanted to earn more commissions, so he sold some policies to applicants he knew were below-average risks
When these policyowners started filing claims, Easy Pay tried to deny the claims stating that Dave had not acted appropriately. Which general rule of agency makes Easy Pay responsible for the claims of the higher-than-average risk policyowners? A) There is no presumption of an agency relationship. B) Agents should be compensated based on the quality of the business they generate. C) A principal is responsible for the acts of its agents who are acting within the scope of their authority. D) An agent must have authority to represent the principal.