List three ways in which using a standard cost system helps managers.
What will be an ideal response?
1. Prepare the master budget.
2. Set target levels of performance for flexible budgets.
3. Identify performance standards.
4. Set sales prices of products and services.
5. Decrease accounting costs.
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Because my uncle's apartment building does not have elevators, he climbs four flights of stairs every day
A) being verb B) helping verb C) action verb D) infinitive
Which of the following is a characteristic of a limited liability company (LLC)?
A) It is a separate legal person (or entity) under state law. B) It cannot be found civilly liable for violations of law. C) Its owners are called directors. D) Its owners are personally liable to third parties for debts of the LLC.
List the five elements of a firm's macroenvironment, and illustrate how each element affects the firm.
What will be an ideal response?
The sum of all previous probabilities up to the current probability is the ________
A) cumulative probability B) conditional probability C) marginal probability D) prior probability E) posterior probability