What is the most common treatment of the fixed-overhead budget variance at the end of the accounting period?
A. Charged or credited to Income Summary.
B. Reported as a deferred charge or credit.
C. Allocated among Cost of Goods Manufactured, Finished-Goods Inventory, and Cost of Goods Sold.
D. Charged or credited to Cost of Goods Sold.
E. Allocated among Work-in-Process Inventory, Finished-Goods Inventory, and Cost of Goods Sold.
Answer: D
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Suppose the U.S. has domestic savings of $50 billion, domestic investment of $120 billion, and a government budget deficit of $150 billion. Japan has domestic savings of 25 trillion yen, domestic investment of 10 trillion yen, and a government budget deficit of 8 trillion yen. Calculate the amounts of net foreign investment by the U.S. and by Japan.
What will be an ideal response?
During the grievance process, the union appeals a grievance to top line management and senior industrial relations staff. What step comes next?
A. The decision resulting from the appeal is put into writing. B. The written grievance is submitted to the production superintendent, another line manager, or industrial relations representative. C. The union steward and employee decide whether the contract was violated. D. The employee (and the union steward) discuss the problem with a supervisor. E. The union decides whether to appeal the unresolved grievance to arbitration.
Which of the following accounting principles or conventions is contradictory to the GAAP requirement to expense R&D costs immediately?
A) historical cost principle B) comparability C) conservatism D) matching principle
Which of the following replaced the General Agreement on Tariffs and Trade?
a. CAFTA-DR b. NAFTA c. WTO d. UNASUR