Match the following terms to their definitions.
a) Liabilities. Choose...
i) The difference between total assets and total liabilities
ii) Sum of creditors, accrued liabilities and tax owed
iii) The value of the company'’s worth
iv) The amount a company owes to other entities
b) Owners’ equity. Choose...
i) The difference between total assets and total liabilities
ii) Sum of creditors, accrued liabilities and tax owed
iii) The value of the company’s worth
iv) The amount a company owes to other entities
c) Assets. Choose...
i) The difference between total assets and total liabilities
ii) Sum of creditors, accrued liabilities and tax owed
iii) The value of the company’s worth
iv) The amount a company owes to other entities
d) Current liabilities. Choose...
i) The difference between total assets and total liabilities
ii) Sum of creditors, accrued liabilities and tax owed
iii) The value of the company’s worth
iv) The amount a company owes to other entities
a. Iii – Correct. Sum of creditors, accrued liabilities and tax owed
b. i – Correct. The difference between total assets and total liabilities
c. Iiii – Correct. The value of the company'’s worth
d. Iiv – Correct. The amount a company owes to other entities
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SeaKist Marine Stores Company manufactures decorative fittings for luxury yachts, which require highly skilled labor, and special metallic materials. SeaKist uses standard costs to prepare its flexible budget. For the first quarter of 2016, direct materials and direct labor standards for one of their popular products were as follows:
Direct materials: 1.5 pounds per unit; $4 per pound Labor: 2 hours per unit; $18 per hour During the first quarter, SeaKist produced 5,000 units of this product. At the end of the quarter, an examination of the direct materials records revealed that the company used 7,000 pounds of direct materials. The direct materials efficiency variance was $2,000 F. Which of the following is a logical explanation for this variance? A) The company used fewer labor hours than allowed by the standards. B) The company paid a lower cost per hour for labor than allowed by the standards. C) The company used a lower quantity of direct materials than was allowed by the standards. D) The company paid a lower cost for the direct materials than allowed by the standards.
Larry's Lawn Care incurs significant gasoline costs. This cost would be classified as a variable cost if the total gasoline cost:
A. is not affected by the number of hours the lawn equipment is operated. B. increases in direct proportion to the number of hours the lawn equipment is operated. C. varies inversely with the number of hours the lawn equipment is operated. D. none of the above.
Which one of the following rules tends to perform well with respect to percentage of jobs past due and variance of hours past due, but performs relatively poorly with respect to average flow time?
A) earliest due date B) shortest processing time C) first-come, first-served D) longest processing time
An ad agency's traffic department
A. negotiates long-term media deals. B. maintains the agency's position as a facilitating intermediary. C. coordinates all phases of ad production. D. makes sure there is no unplanned replication of the advertising effort. E. develops the client's channel of distribution.