The dependency tree utility allows the user to review direct and indirect dependencies of an object in either numeric order or indented format.
Answer the following statement true (T) or false (F)
True
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All of the following statements are true except:
a. IFRS requires that estimates of residual value and the life of the asset be reviewed at least annually and revised if necessary. b. The FASB standards do not have a specific rule that requires residual value and asset life to be reviewed annually. c. IFRS does not have a specific rule that requires residual value and asset life to be reviewed annually. d. The FASB generally requires operating assets to be recorded at acquisition cost, less depreciation, and the assets' values are not changed to reflect their fair market values or selling prices.
The following data is given for the Taylor Company: Budgeted production 1,000 units Actual production 980 units Materials: Standard price per lb $2.00 Standard pounds per completed unit 12 Actual pounds purchased and used in production 11,800 Actual price paid for materials $23,000 Labor: Standard hourly labor rate $14 per hour Standard hours allowed per completed unit 4.5 Actual labor hours
worked 4,560 Actual total labor costs $62,928 Overhead: Actual and budgeted fixed overhead $27,000 Standard variable overhead rate $3.50 per standard labor hour Actual variable overhead costs $15,500 Overhead is applied on standard labor hours. The direct material price variance is: A) 600F B) 600U C) 80F D) 80U
The two basic types of cost accounting systems are:
A. Job order costing and customized service costing. B. Job order costing and process costing. C. Job order costing and periodic costing. D. Job order costing and perpetual costing. E. Job order costing and customized product costing.
The guidelines for accounting information are called Generally Accepted Accounting Principles (GAAP)
Indicate whether the statement is true or false