Which one of the following items must be disclosed for all reportable operating segments in the notes to financial statements?(I.) Revenue from external customers.(II.) Total Segment Assets(III.) Revenues from foreign customers, identified by country.
A. I, II, and III
B. I and II only
C. II and III only
D. I and III only
E. There is no requirement of information to disclose for operating segments.
Answer: B
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Which of the following led to the eventual demise of the fixed currency exchange rate regime worked out at Bretton Woods?
A) widely divergent national monetary and fiscal policies among member nations B) differential rates of inflation across member nations C) several unexpected economic shocks to member nations D) all of the above
Warp Manufacturing Corporation uses a standard cost system for the production of its ski lift chairs. Warp uses machine-hours as an overhead base. The variable manufacturing overhead standards for each chair are 1.2 machine-hours at a standard cost of $18 per hour.During the month of September, Warp incurred 34,000 machine-hours in the production of 32,000 ski lift chairs. The total variable manufacturing overhead cost was $649,400. What is Warp's variable overhead rate variance for September?
A. $41,800 Favorable B. $79,200 Favorable C. $84,040 Favorable D. $37,400 Unfavorable