Which statement is correct concerning judicial review of an administrative agency's action?
A)Courts usually accept the facts of the case as determined by the agency and often defer to the agency's interpretation of the law.
B)Courts conduct a de novo review of the case.
C)Courts ignore the facts of the case.
D)Courts substitute their opinion for that of the agency.
A
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During August, Boxer Company sells $363,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 4% of the selling price. The warranty liability account has a credit balance of $13,500 before adjustment. Customers returned merchandise for warranty repairs during the month that used $10,100 in parts for repairs. The entry to record the customer warranty repairs is:
A. Debit Warranty Expense $11,120; credit Estimated Warranty Liability $11,120. B. Debit Estimated Warranty Liability $14,520; credit Parts Inventory $14,520. C. Debit Warranty Expense $14,520; credit Estimated Warranty Liability $14,520. D. Debit Warranty Expense $10,100; credit Estimated Warranty Liability $10,100. E. Debit Estimated Warranty Liability $10,100; credit Parts Inventory $10,100.
Columbia Manufacturing Corp purchased a new lathe machine for its baseball bat manufacturing plant on January 1 . The machine cost $12,000 and is expected to be used in production for 4 years at which time its estimated salvage value will be $2,000 . The yearly straight-line depreciation for this asset would be
a. $2,500 b. $3,000 c. $4,000 d. $12,000 e. $9,500
Mona Farrow has $2,000 of liquid assets and $12,000 of take-home pay. Mona has two months of liquid reserves and most financial advisors would consider this inadequate
Indicate whether the statement is true or false.
The experience curve is a factor central to an overall cost leadership strategy and refers to how business learns to increase costs as it gains experience with production processes.
Answer the following statement true (T) or false (F)