Which of the following types of employee compensation are tax-exempt?
a. contingent pay
b. profit sharing
c. cafeteria plans
d. stock appreciation rights
D
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Primary credit discount loans for profit will be zero when
A. primary credit discount rate is equal to secondary credit discount rate. B. primary credit discount rate is greater than federal funds rate. C. primary credit discount rate is lesser than federal funds rate. D. primary credit discount rate is equal to nominal short-term interest rate.
Which of the following accounting principles requires that warranty expense must be estimated and recognized in the same period when the related sales revenue is recognized?
A) the matching principle B) the disclosure principle C) the revenue principle D) the consistency principle
Internal reports on quality at the Acme Publishing Company generated the following information for the Trade Division for the first three months of the year: Total sales $1,000,000 Costs of quality: Prevention 44,000 Appraisal 47,000 Internal failure 36,000 External failure 64,000 Compute the total costs of quality as a percentage of sales
a. 2.4% b. 4.4% c. 12.6% d. 19.1%
Answer the following statements true (T) or false (F)
Pinewood Furniture manufactures a small table and a large table. The small table sells for $800, has variable costs of $750 per table, and takes 7.50 labor hours to manufacture. The large table sells for $1,700, has variable costs of $900, and takes 10 direct labor hours to manufacture. If the company has no sales limitations on either product, it should make and sell as many of the large tables as possible to maximize operating income.