Servitude is the right of a government to exclusively exercise its powers within a particular territory
Indicate whether the statement is true or false
False
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Bank credit card sales are not similar to cash sales because cash is not available to the business until the amount owed is collected from the customer
Indicate whether the statement is true or false
Employees should be made aware of the firm's commitment to ethics
Indicate whether the statement is true or false
The Right Target, Inc., a marketing research and consulting firm, is working on a cash budget for July to December 2017. The staff has projected the following cash collections and payments:
a) If the ending cash balance as of June 30, 2017 was $10,000, determine the firm’s forecasted monthly cash balance.
b) The staff at The Right Target, Inc. wants to know how much they would need to borrow each month if the minimum ending cash balance is $30,000 and the annual interest rate is 7%.
c) Determine the impact on the ending cash balance if the firm uses any cash surplus above the required minimum cash balance to pay off its short-term borrowing monthly.
Answer the following statements true (T) or false (F)
1. When using management by exception, managers investigate only those variances that are unfavorable. 2. A favorable variance has a debit balance and is a contra revenue. 3. An unfavorable variance means more cost has been incurred than planned. 4. Favorable variances are contra expenses and therefore decrease Cost of Goods Sold. 5. When a manufacturing company uses a standard cost system, the direct materials cost variance is recorded at the time direct materials are issued in production.