Which type of graph is best at representing quantities?
a. line
b. bar
c. pie
d. pictograph
b. bar
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When extending the totals of the income summary account on the work sheet, the debit and credit amounts are subtracted and the difference is reported in the Credit column
Indicate whether the statement is true or false
The fixed overhead application rate is a function of a predetermined activity level. If standard hours allowed for good output equal the predetermined activity level for a given period, the volume variance will be
a. zero. b. favorable. c. unfavorable. d. either favorable or unfavorable, depending on the budgeted overhead.
Which of the following is not true?
a. A firm must recognize derivatives on its balance sheet as assets or liabilities, depending on the rights and obligations under the contract. b. Firms must remeasure derivatives to fair value each period. c. The change in fair value either increases or decreases the balance sheet carrying value of the derivative asset or liability. d. The change in fair value affects either (1) net income immediately (like a trading security), or (2) other comprehensive income immediately and net income later (like securities available-for-sale). e. The income effect of a change in the fair value of a derivative is independent of the purpose for which a firm acquires the derivative and whether the firm chooses to apply hedge accounting.
Which of the following statements about paraphrasing is most accurate?
A) Paraphrasing involves restating an original passage in your own words and in your own style. B) Paraphrasing involves presenting ideas from another source using the exact wording of the original source. C) Paraphrasing involves presenting ideas from another source without documentation. D) Paraphrasing requires the report writer to use the same grammatical structure as the original author when presenting another's ideas.