The tax character of an item of income depends on how the income is reported on the firm's financial statements.
Answer the following statement true (T) or false (F)
False
Tax character is determined strictly by the tax law and has nothing to do with financial reporting.
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At Polar Sportswear, orders have significantly exceeded projections, and Chris, the operations director, has decided to hire for a third shift in the plant. Chris is clearly operating with the use of a(n) ______ budget.
A. zero-based B. incremental C. cash D. fixed E. variable
Answer the following statements true (T) or false (F)
1. When there are no units in the beginning Finished Goods Inventory and the units produced are more than the units sold, the operating income will be higher under variable costing than absorption costing. 2. Under variable costing, the units in the beginning Finished Goods Inventory contain fixed manufacturing overhead costs. 3. In variable costing, all fixed manufacturing overhead costs are expensed in the period incurred. 4. In absorption costing, the manufacturing costs expensed are greater than the amount expensed in variable costing when units produced are less than sold because the units in beginning inventory under absorption costing were assigned a greater cost in the previous accounting period. 5. When more units are sold than produced, operating income is less under absorption costing than variable costing.
Which system combines digitized mapping with key locational data?
a. geographic information system b. primary trading-area analysis c. secondary trading-area analysis d. TIGER
A supervisor at a manufacturing plant is told to dump the chemicals used in the refining process into a local river rather than disposing them properly according to safety regulations. The chief executive officer of the company insists that the chemicals are not harmful to the environment. The supervisor knows that dumping is illegal, but he will lose his job if he reports the issue to authorities at the Environmental Protection Agency. In the context of causes of unethical corporate behavior, this scenario illustrates the supervisor's:
A. obsession with personal advancement. B. expectation of not getting caught. C. dilemma whether the act is wrong or not. D. unwillingness to take a stand for what is right.