Which of the following statements is not true of insurance policies?
a. The basic principles of contract law apply to insurance policies.
b. Insurance companies tend to standardize their policies.
c. Some states forbid standardization of insurance policies.
d. All of these.
c
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An abbreviated version of an account which is useful for analyzing the effects of business transactions is the
a. chart of accounts b. double entry system c. T account d. trial balance
How does the text define “business gratuity”?
a. “a present, gift, hospitality, or favor for which fair market value is not paid by the recipient” b. “a present, gift, hospitality, or favor specifically given by a non-employee for preferred treatment from an employee” c. “a non-contractual compensation by a nonemployee in expression of gratitude for well-performed services or superior products” d. “profits incurred by employees that are not a part of the regular commerce of an organization”
A(n) ____ cost increases or decreases in intervals as activity changes
a. historical cost b. fixed cost c. step cost d. budgeted cost
Normally, the transportation model is used to solve problems involving several physical sources of product and several physical uses of the product, as in factories and warehouses
How is it possible to use the transportation model where the "routes" are from one time period to another? Describe how this provides aggregate planners with a usable mathematical model.