Wu Company incurred $40,000 of fixed cost and $50,000 of variable cost when 4,000 units of product were made and sold.If the company's volume doubles, the total cost per unit will:
A. stay the same.
B. increase but will not double.
C. double as well.
D. decrease.
Answer: D
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The Smoot-Hawley Tariff Act of 1930 has generally been associated with
a. falling tariffs. b. increases in the volume of trade. c. intensifying the worldwide depression. d. efforts to liberalize nontariff trade barriers.
Which of the following is a change that is not being debated by auditing standard setters and investors?
a. Adding disclosure about which engagement partner at the firm supervised the audit and who from outside the audit firm participated in the audit b. Adding commentary on areas of risk of material misstatement of the financial statements identified by the auditor. c. Adding commentary about the level of materiality applied by the auditor to perform the audit. d. All of the above are being debated.
An advantage of the single-step income statement is that it is less complex than the multistep form
Indicate whether the statement is true or false
In which of the following situations will the inference of the existence of a partnership be drawn from the receipt of profits of a business?
A) Where payments of a debt are made to a creditor in installments from the profits of the partnership B) Where wages are paid to an employee who is not also an owner C) Where an annuity is paid to the widow of a deceased partner from partnership profits D) Neither the creditor, the employee, nor the widow in these situations will be considered a partner under the guidelines in the RUPA.