Delegate means to enable team members to think, behave, act, and make decisions with independence. _________________________
Answer the following statement true (T) or false (F)
False
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At the beginning of the year, Fluman Corporation estimates overhead will be $150,000. If the actual overhead for the year is $152,000 and the applied overhead for the year is $143,000, what is the journal entry needed to reconcile the overhead variance? Assume that the overhead variance is immaterial
A) Cost of Goods Sold 9,000Overhead Control 9,000 B) Overhead Control 9,000Cost of Goods Sold 9,000 C) Cost of Goods Sold 7,000Overhead Control 7,000 D) Overhead Control 7,000Cost of Goods Sold 7,000 E) none of these
Property that the owner leaves somewhere due to negligence, carelessness, or inadvertence is referred to as ________ property
A) abandoned B) real C) lost D) mislaid
Jonathan inherited a large amount of money from his uncle. Jonathan wishes to start his own business, and his lawyers encourage him to make it a corporation. What disadvantage of a sole proprietorship are the lawyers trying to avoid?
A. Unlimited liability B. Lack of management skills C. Retention of all profits D. Lack of money E. Double taxation
Forward Venture Company, which uses a standard cost system, budgeted $600,000 of fixed overhead when 40,000 machine hours were anticipated. Other data for the period were:Actual units produced: 10,000Standard production time per unit: 3.9 machine hoursFixed overhead incurred: $620,000Actual machine hours worked: 42,000Forward Venture Company's fixed-overhead budget variance is:
A. $20,000 unfavorable. B. $10,000 favorable. C. $15,000 unfavorable. D. $15,000 favorable. E. $20,000 favorable.