Which of the following is a partnership for a limited purpose?
a. A limited liability partnership
b. A single partnership
c. A limited liability company
d. A joint venture
d
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The accumulation and investment of money over a period of years that provides the amount necessary for the redemption of a bond issued at its maturity is called a sinking fund
a. True b. False Indicate whether the statement is true or false
If a foreign company is taken over by the host country government, and some form of compensation is paid, "expropriation" has occurred
Indicate whether the statement is true or false
True or false: In a "bust-out," fraud perpetrators plan to retain a business' assets while filing for bankruptcy in order to avoid responsibility for company liabilities
a. True b. False
Canel Incorporated makes a single product--an electrical motor used in many long-haul trucks. The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period. Data concerning the most recent year appear below:?Budgeted production (a)15,000units?Standard hours per unit (b)1.70machine-hours?Budgeted hours (a) × (b)25,500machine-hours?Budgeted fixed manufacturing overhead$163,965??????Actual production (a)13,000units?Standard hours per unit (b)1.70machine-hours?Standard hours allowed for the actual production (a) × (b)22,100machine-hours?Actual fixed manufacturing overhead$182,965??Actual hours23,100machine-hoursRequired:a. Determine the fixed overhead budget
variance for the year.b. Determine the fixed overhead volume variance for the year. What will be an ideal response?