Investor-owned proprietary schools are subject to the standards issued by the FASB.
Answer the following statement true (T) or false (F)
True
Private colleges follow standards established by the FASB, including those specifically for not-for-profit entities. Public colleges and universities follow accounting standards established by the GASB and investor-owned colleges follow FASB.
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If normal spoilage is detected at an inspection point within the process (rather than at the end), the cost of that spoilage should be
a. included with the cost of the units sold during the period. b. included with the cost of the units completed in that department during the period. c. allocated to ending work in process units and units transferred out based on their relative values. d. allocated to the good units that have passed the inspection point.
Although an independent contractor has some independence from the direct control of his employer, his or her duties may still require he or she act as an agent
Indicate whether the statement is true or false
Stan's job is to walk the streets of Japan and locate fads. According to Stan, "Japan is advanced. What will happen 10 years from now is already happening in Japan." What kind of research is Stan conducting?
A. experiment B. dichotomous C. observation D. survey E. open-ended
Bulluck Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateDirect materials 3.5grams$1.00per gramDirect labor 0.7hours$11.00per hourVariable overhead 0.7hours$2.00per hour?The company reported the following results concerning this product in July. Actual output 3,000unitsRaw materials used in production 11,370gramsActual direct labor-hours 1,910hoursPurchases of raw materials 12,100gramsActual price of raw materials purchased$1.20per gramActual direct labor rate$11.40per hourActual variable overhead rate$2.10per hour?The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.?The labor rate variance for July is:
A. $840 U B. $764 U C. $764 F D. $840 F