All of the following are features of a standard cost system except:
a. Standards should not be adjusted.
b. Standards provide incentives for workers to keep costs in line.
c. Comparisons between actual and standard are more effective than comparisons between actual costs of the current period and those of the prior period.
d. A standard cost system focuses management attention on materials prices and usages.
a
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If in 1900 the Minnesota Supreme Court ruled that a minor can void a contract at any time during minority and, in 2014, the courts in Minnesota still follow this ruling, this is an example of
a. stare decisis. b. the bystander rule. c. statutory law. d. enabling legislation.
Warren is the president of The Huge Insurance Company. His Vice-President in charge of Finance comes to him one day and says "Warren, our combined ratio for the year is 105%"
Warren replies, "Let's party!" Why isn't Warren upset about the high combined ratio? A) The company probably made enough money on its investments to make up for the underwriting losses. B) The company has actually made a 5% profit on its insurance business. C) The combined ratio really isn't that important... it only measures the combined productivity of all regional offices the company owns. D) The combined ratio is not an important indicator of underwriting results.
The __________ is a data unit supplied by LLC. The maximum size of this field
is 1500 octets for a basic frame, 1504 octets for a Q-tagged frame, and 1982 octets for an envelope frame. Fill in the blanks with correct word
If a supplier delivered goods that violated a trademark or patent, there would be a violation of the warranty of title
a. True b. False Indicate whether the statement is true or false