In the mid 1980s the U.S. led the way to higher corporate income tax rates worldwide. Today, most of the G7 nations have surpassed the U.S. and have higher corporate income tax rates than the U.S
Indicate whether the statement is true or false.
Answer: FALSE
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Adding more marketing channels increases the channel cost of selling
Indicate whether the statement is true or false
The formula for target sales is:
A. (Total fixed costs + Target profit)/Contribution margin ratio B. (Total variable costs + Total fixed costs)/Unit contribution margin C. (Total variable costs + Total fixed costs)/Contribution margin ratio D. (Total fixed costs + Target profit)/Unit contribution margin
In determining whether an activity should be classified as a hobby, the tax law provides a rebuttable presumption with regard to the profits or losses of an activity. Which of the following statements describes the profit/loss test which must be satisfied in order to meet the presumption that the activity is not a hobby?
a. The activity shows a profit for 3 of the 5 previous years. b. The activity shows a loss for 3 of the 5 previous years. c. The activity shows a profit for 3 of the 7 previous years. d. The activity shows a loss for 3 of the 7 previous years. e. None of the above.
Which of the following is not a characteristic of a process costing system?
A. Costs are accumulated separately for each unit of production as it moves through the factory. B. The cost of a finished unit is the sum of the unit costs of performing each manufacturing process. C. It is suitable for mass-produced operations. D. The costs incurred in each process are accumulated in separate Work-in-Process Inventory accounts.