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Of the several uses of standard costing, one of the most controversial is using these standards for performance evaluation of an individual, team, or unit. Consider the labor efficiency variance and assume it is one of the measures for a company's performance evaluation of a business unit. When might or might not variance from such a standard be an appropriate measure? How would this metric's effectiveness as a performance measure be affected by a decrease in demand or changes in production volume? Would its effectiveness be different for a service unit than a manufacturing unit? In the event that it is not effective as a performance measure, does it have a strong purpose? How does this compare with other variances from standard?
What bodies provide authoritative support for GAAP? What elements comprise the FASB's conceptual framework?
Treasury Stock Transaction-Nature corporation engaged in the folloiwing treasury transactions during current year. Complete three journal entries to record these treasury stock transactions.
Calculate the gross wages of each worker for Week 4. Show clearly the basic pay, overtime pay and bonus pay; Using the answer in (a), analyze the total gross wages of the workers into Direct Wages and Indirect Wages;
On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:
Describe the two major obligations incurred by a company when bonds are issued. Magda and Helga are discussing how the market price of a bond is determined.
Prepare a journal entry for the taxes of Winston County's General Fund on July 1, 2005, the date on which the property taxes for the fiscal ending June 30, 2006, were billed to taxpayers.
What is the difference between a "Revenue Center" and a "Profit Center"? Discuss the Differences Between Responsibility Centers and Decentralization. What other reasons are there to indicate decentralization is a better way of doing business?
he gross profit on the sale of a pair of shoes is 39%,if expenses are 25% of the selling price and the cost price is $17.95, what is the selling price and the gross profit in dollars?
Mr. and Ms.Ostedt have just purchased an $80,000 home and made a 25% down payment. The balance can be amortized at 10% for 25 years.
What are debits and credits? In your opinion, why do accountants debit asset accounts to increase them but credit liability accounts to increase them?
The Minnetonka Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year.
A company entered into the following material contracts at the beginning of the year: For each of the above contracts, prepare any necessary journal entries and notes to be included in the financial statements.
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