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Which of the following is the most probable reason a company would experience an unfavorable labor rate variance and a favorable labor efficiency variance?
a. The mix of workers assigned to the particular job was heavily weighted towards the use of higher paid, experienced individuals.
b. The mix of workers assigned to the particular job was heavily weighted towards the use of new relatively low paid, unskilled workers.
c. Because of the production schedule, workers from other production areas were assigned to assist this particular process.
d. Defective materials caused more labor to be used in order to produce a standard unit.
Explain in detail a post-closing trial balance, how it relates to the practice of accounting and its uses in business?
What are the 6 principles in the AICPA's CPC and the purpose of each principle?
Milner Corporation has been authorized to issue 20,000 shares of $100 par value, 10% noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. Prepare the journal ent..
Wilson Company makes all sales all sales of industrial bearings under terms of FOB shipping point. The company usually receives orders for sales approximately one week before shipping inventory to customers.
Part 1 On July 1, 2010, Wallace Company, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer.
Events in the world of corporate finance during the past few years have shown the importance of transparent and accurate financial reporting by businesses.
What is decentralization? List and describe three potential benefits and three potential problems with decentralization.
Can you give an example of what this number may look like by using the income statement of a real-life company?
Please help me explain the following concepts: A conclusion stating how you think sound financial reporting depends on principles, assumptions, and constraints. Refer to the U.S. GAAP in your response.
Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leg injury and must spend most of his time in a wheelchair until his recovery. Alan's physician recommends that he install a whirlpool bath in his home for..
Evaluate taxable income and income taxes payable. Prepare the journal entries for income tax expense, income taxes payable, and deferred taxes.
Sherman Brothers, Inc., sold 4 million shares in its IPO, at a price of $18.50 per share. Management negotiated a fee (the underwriting spread) of 7% on this transaction.
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