A taxpayer who otherwise meets the ownership and use tests may not be allowed to exclude all of her realized gain if the taxpayer has nonqualified use of the home before selling.
Answer the following statement true (T) or false (F)
True
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Which of the following is not an inherent risk factor for the revenue process?
A. The entity does not follow its stated policies for sales order approvals. B. Complexity of revenue recognition issues. C. Difficulty of auditing transactions. D. Special industry practices.
Fraudulent financial reporting can result from the misapplication of accounting principles
Indicate whether the statement is true or false
International trade agreements focus on ______.
A. supply chains B. lowering tariffs C. consistent regulations D. technological improvements
JAX Inc In early 2012, JAX Inc had budgeted for the production and sales of 5,000 units at a sales price of $15 per unit. The following information is available regarding the standard cost for each unit: Direct materials: 1.50 pounds at $2.50 per lb Direct labor: 30 minutes of assembly at $.20 per minute Actual results for 2012 were determined to be as follows: Number of units produced and sold:
5,600 units Sales revenue: $100,800 ($18 per unit) Direct materials cost: $ 22,848 (9,520 lbs purchased and used at $2.40 per lb) Direct labor cost: $ 38,192 (173,600 minutes at $.22 per minute) Refer to the JAX Inc information above. What was JAX Inc's direct materials price variance for 2012? A) $952 F B) $952 U C) $1,120 F D) $1,120 U