Which of the following factors is not related to the decline in the usefulness of plant and equipment assets, and therefore does not need to be considered in selecting an appropriate depreciation method?
a. Physical deterioration
b. Obsolescence
c. Repair and maintenance policies
d. Current replacement cost
d
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What steps or activities are involved in developing standards for the materials that are used in making a product?
What will be an ideal response?
The following information describes a company's usage of direct labor in a recent period. The direct labor efficiency variance is: ?Actual hours used 45,000 ?Actual rate per hour$15.00 ?Standard rate per hour$14.50 ?Standard hours for units produced 47,000 ??
A. $52,500 favorable. B. $29,000 unfavorable. C. $52,500 unfavorable. D. $22,500 unfavorable. E. $29,000 favorable.
An impairment model is used:
A. To calculate the fair value of intangible assets. B. To determine the likelihood that the fair value of an assumed liability will increase. C. To calculate the amortization of indefinite-lived assets over their useful lives. D. To determine whether the fair value of assets should be recognized. E. To assess whether asset write-downs are appropriate for indefinite-lived assets.
Third persons are prohibited from recovering from an accountant who commits fraud
Indicate whether the statement is true or false