How do ethical experts differ from ethical novices?
What will be an ideal response?
Know more about the ethical domain, see the world differently, different skills sets
Cognitive Domain: Analysis
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Disclosure usually is NOT required for
a. contingent gains that are probable and can be reasonably estimated. b. contingent losses that are reasonable possible and cannot be reasonably estimated. c. contingent gains that are reasonably possible and cannot be reasonably estimated. d. contingent losses that are remote and can be reasonably estimated
During June, Cisco Company produced 15,000 chainsaw blades. The standard quantity of material allowed per unit was 1.5 pounds of steel per blade at a standard cost of $5 per pound. The actual purchase price was $6.25 per pound. Cisco determined that it had a favorable materials usage variance of $2,500 for June. What is the journal entry to record the issuance and usage of materials?
A) Work in Process 112,500Materials Usage Variance 2,500Materials 110,000 B) Work in Process 110,000Materials Usage Variance 2,500Materials 112,000 C) Work in Process 112,500Materials Usage Variance 2,500Materials 115,000 D) Work in Process 140,625Materials Usage Variance 2,500Materials 138,125
Insurance may be sold only by an insurance company agent
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Booking sales in advance of actual contracts is not a violation of accounting rules
Indicate whether the statement is true or false