A business who requires that all cash payments be made by check, can not use a petty cash system
Indicate whether the statement is true or false
True
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Which of the following is not true regarding agency theory?
a. It is also called contracting theory. b. Its underlying assumption is that individuals act in their own best self-interest. c. Few agency relationships between parties may be defined or governed by accounting numbers. d. It is concerned with the various costs of monitoring and enforcing relations among management, owners, creditors, and government.
Federal agencies may not charge for providing records to a person requesting access to the agency's files
a. True b. False Indicate whether the statement is true or false
Which of the following consumer products is most likely to be classified as "unsought"?
A. life insurance B. tires C. house paint D. band aids E. tablet computer
The Maxit Corporation has a standard costing system in which variable manufacturing overhead is assigned to production on the basis of standard machine-hours. The following data are available for July:•Actual variable manufacturing overhead cost incurred: $11,310 •Actual machine-hours worked: 1,600 hours •Variable overhead rate variance: $1,710 U •Total variable overhead spending variance: $2,310 U The standard number of machine-hours allowed for July production is closest to:
A. 1,700 hours B. 1,600 hours C. 1,300 hours D. 1,500 hours