The owner's capital for a sole proprietorship is similar in nature to which of the following for corporations?
a. Stockholders' equity
b. Retained earnings
c. Common stock
d. Dividends
A
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Point Company uses the standard costing method. The company's main product is a fine-quality audio speaker that normally takes 0.25 hour to produce. Normal annual capacity is 3,000 direct labor hours, and budgeted fixed overhead costs for the year were $6,750 . During the year, the company produced and sold 8,000 units. Actual fixed overhead costs were $4,800 . Compute the fixed overhead budget
variance. a. $300 (F) b. $300 (U) c. $1,950 (F) d. $1,950 (U)
In confronting the international problems caused by lack of language training, the MOST useful advice for North Americans is to
a. be glad that English is used so widely for business transactions and not be overly concerned with the need for knowing other languages. b. try to acquire second language skills if possible, or at least learn a few words in the language of your audience. c. expect business representatives of other countries to know English. d. always travel with an interpreter.
The Class Action Fairness Act of 2005
a. shifted jurisdiction over certain class-action lawsuits from the state courts to the federal courts. b. shifted jurisdiction over certain class-action lawsuits from the federal courts to the state courts. c. made forum shopping punishable by large fines. d. limited the amount of damages that could be awarded in a medical malpractice suit.
Bellue Inc. manufactures a single product. Variable costing net operating income was $96,300 last year and its inventory decreased by 2,600 units. Fixed manufacturing overhead cost was $1 per unit for both units in beginning and in ending inventory. What was the absorption costing net operating income last year?
A. $93,700 B. $2,600 C. $96,300 D. $98,900