A fixed manufacturing overhead budget variance occurs as the result of a difference between the denominator level of activity (in hours) and the standard hours allowed for the actual output of the period.
Answer the following statement true (T) or false (F)
False
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If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, the receipt of cash would be journalized as:
A. Debit Cash, credit Ticket sales payable. B. Debit Sales, credit Unearned Revenue. C. Debit Unearned Revenue, credit Sales. D. Debit Cash, credit Unearned Revenue. E. Debit Unearned Revenue, credit Cash.
The price reduction remedy can be claimed by a buyer only if the buyer has accepted nonconforming goods
Indicate whether the statement is true or false
The Fair Labor Standards Act:
a. wage provisions do not apply to professional or managerial employees. b. limits the number of hours an employer can require a person to work in any given week. c. does not apply to children. d. preempts any state wage regulation.
A firm's profit margin is 5%, its debt/assets ratio is 56%, and its dividend payout ratio is 40%. If the firm is operating at less than full capacity, then sales could increase to some extent without the need for external funds, but if it is operating at full capacity with respect to all assets, including fixed assets, then any positive growth in sales will require some external financing.
Answer the following statement true (T) or false (F)