The management of Watchdog Security Systems has calculated the following variances:
What is the total direct labor variance of the company?
A) $15,000 F
B) $12,000 F
C) $28,500 F
D) $1500 F
D) $1500 F
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A question asked by stockholders is, "How much profit did the company make?" What should the stockholder examine to get the most information that will help evaluate the answer to this question?
a. The balance sheet, because retained earnings represents current profits b. The statement of cash flows, as cash inflows and outflows represents current profits c. The income statement, since it shows the revenues and expenses for the period d. The economic resources of the company
For which of the following audit procedure would sampling be most appropriate?
a. Inquiry b. Observation c. Confirmation d. Analytics
Which of the following most closely reflects the marketing concept?
A) "The supplier is king." B) "Marketing should be viewed as foraging and not gardening." C) "This is what I make; won't you please buy it?" D) "This is what I want; won't you please make it?" E) "Customers need to be told where they want to go."
Usually, with respect to a variable cost, optimal control is exerted when the cost
a. can be controlled prior to incurrence. b. is compared to its budget amount. c. increases steadily over time. d. is closely monitored.