Akao Products uses a standard cost system
Overhead costs are allocated based on direct labor hours. In the first quarter, Akao had an unfavorable efficiency variance for variable overhead costs. Which of the following scenarios is a reasonable explanation for this variance?
A) The actual number of direct labor hours was lower than the budgeted hours.
B) The actual variable overhead costs were higher than the budgeted costs.
C) The actual variable overhead costs were lower than the budgeted costs.
D) The actual number of direct labor hours was higher than the budgeted hours.
D
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A. Change your attitude. B. Complete an emotional intelligence assessment. C. Change your behavior. D. Find consonant elements that outweigh the dissonant ones. E. Belittle the importance of the inconsistent behavior.
Noncash consideration should be recognized by the seller on the basis of
A) original cost paid by customer. B) fair value of what is received from the customer. C) fair value of what is given up to the customer. D) fair value of equivalent goods or services.
The primary use for media panels is to determine market potential by geographic region
Indicate whether the statement is true or false
Closing entries are required at the end of each accounting period to close all ledger accounts.
Answer the following statement true (T) or false (F)