Which of the following statements is true?
1. Companies use three common approaches to assign overhead costs to products—plantwide overhead rate, departmental overhead rates, and activity-based costing. The most accurate of these three approaches is the plantwide overhead rate.
2. A department’s overhead costs are generally caused by a variety of factors including the range of products processed in the department, the number of batch set-ups that are required, and the complexity of the products.
3. Rather than using a single allocation base such as direct labor-hours or machine-hours, in activity-based costing a company uses a number of allocation bases for assigning costs to products.
a. Statements I and II are true.
b. All of the statements are true.
c. Statements II and III are true.
d. None of the statements are true.
Answers
The correct answer is: "b. All of the statements are true." The three statements presented in the question relate to the topic of overhead cost allocation in product costing. Overhead costs are indirect costs incurred by a company in the production of its goods or services.
These costs are not directly attributable to a specific product or service but rather are shared across all products or services produced by the company. As a result, assigning these costs to individual products can be a complex task, and different approaches can be used.
Statement 1: refers to the three common approaches used by companies to assign overhead costs to products: plantwide overhead rate, departmental overhead rates, and activity-based costing. The plantwide overhead rate is calculated by dividing the total overhead cost of the company by a single allocation base, such as direct labor hours. Departmental overhead rates involve assigning overhead costs to different departments based on the overhead cost drivers unique to each department. Activity-based costing is a more refined approach that assigns overhead costs to products based on multiple allocation bases, such as the number of setups, inspections, or machine hours required to produce the product. It is true that activity-based costing is generally considered to be the most accurate of the three approaches.
Statement 2: highlights that a department's overhead costs can be influenced by various factors. For example, a department that produces a wide range of products may require more resources to manage production than a department that produces only a few products. Similarly, the number of batch set-ups required for a product can impact the department's overhead costs, as more set-ups require more resources and time. The complexity of the products can also influence the department's overhead costs, as more complex products may require additional resources to produce.
Statement 3: highlights that activity-based costing involves using multiple allocation bases to assign overhead costs to products. This approach recognizes that different products may require different resources to produce and that using a single allocation base may not accurately reflect the true cost of producing each product.
In summary, all three statements in the question are true and relate to the various approaches and factors involved in overhead cost allocation in product costing.
The correct answer is: "b. All of the statements are true."
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Related Questions
When an ad says “best offer”, what does that mean?
A.The owner wants money than the car is worth
B.The owner may accept less money than the asking price
C.The owner wants no less than what the car is listed for
D.The owner has B.O. and is trying to get rid of the car
Answers
Answer:
B
Explanation:
. update function makemove to do the following a. update function call isvalid, pass as arguments i. array move ii. array board iii. the structure player (i.e. player)
Answers
Pass the structure `player` as an argument to the `is valid` function. This structure likely contains information about the current player, such as their name, score, or other relevant data.
The question is asking for an update to the function `makemove` to perform the following tasks: Call the function `is valid` with the following arguments: First, you need to modify the `makemove` function to include the call to the function. Pass the array `move` as an argument to the `is valid` function. This array likely contains information about the move being made.
Including this update in the `makemove` function ensures that before making a move, the program checks whether the move is valid, helping to maintain the integrity of the game and preventing illegal moves. I hope this explanation clarifies the update to the `makemove` function. If you have any more questions or need further clarification, feel free to ask.update function makemove to do the following a. update function call isvalid, pass as arguments.
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Which is an example of E-commerce? A. Hot dog stand B. Cable company C. Online boutique D. Car wash
Answers
An example of an E-commerce is an online boutique.
What is E-commerce?
E-commerce is a business that exists online. For example, if a person establishes sells items on a website or on a social media platform, the person is operating an e-commerce. An example of an e-commerce business is ASOS.
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true or false? during an it audit, security controls are checked to ensure they are effective, reliable, and functioning as required and expected.
Answers
In an audit, security controls are checked to ensure they are effective and functioning as required - True
The process of performing an audit involves examining an organization's financial records and internal control systems. The act of testing to see whether the organization's information system is claimed to be adhering to a certain set of internal or external rules that are known to be governing data security is known as a security audit.
The auditor examines the effectiveness of a company's security controls during this phase of the audit. This involves assessing how effectively a company has put its policies and procedures in place to protect its data and systems. Prior to the significant system, application, and technology changes, threat and risk assessments are carried out on a regular basis.
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ernesto is a buyer who puts earnest money towards a transaction. he is worried because his credit is not immediately applied. when will ernesto's earnest money be applied?
Answers
Ernesto's earnest money will be applied at a specific point in the transaction, typically when certain conditions or contingencies are met.
Ernesto's earnest money, which is a deposit made by the buyer to demonstrate their serious intent to purchase a property, is usually held by a neutral third party, such as an escrow agent or a real estate brokerage. The exact timing of when the earnest money is applied depends on the terms outlined in the purchase agreement and any applicable local laws or regulations.
Typically, earnest money is applied towards the purchase price of the property at a specific point in the transaction, such as when certain conditions or contingencies are met. These conditions may include the successful completion of a home inspection, mortgage approval, or the seller meeting certain obligations specified in the contract. Once these conditions are satisfied, the earnest money is credited towards the buyer's down payment or closing costs. It's important for Ernesto to review the terms of the purchase agreement and communicate with the relevant parties involved in the transaction, such as the seller's agent or the escrow agent, to ensure clarity on when his earnest money will be applied and any related concerns he may have.
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Which method of production is most suitable to producing movies (films)?
a.Mass production
b.Batch production
C.Job production
D.Cellular production
Answers
Answer:
a.Mass production
Explanation:
Mass production also known as flow or continuous production is used when identical and standardized items are to be produced. This method usually make use of assembly lines thereby making large number of identical products.
Mass production is suitable when the volume of the item to be produced is large making many copies of an item quickly. This method is based on division of labor and use of modern methods.
Which of the following is not an asset?
A.cash
B.accounts receivable
C.accounts payable
D.furniture and equipment
Answers
Among all of the following, accounts payable is not an asset. Thus, option C is the correct option.
Given that it is money owing to creditors and appears on the balance sheet under current liabilities, accounts payable is a liability. Current liabilities are a company's short-term debts, usually lasting less than three months.
It is important to distinguish between accounts payable and accounts receivable. Payment terms are connected to accounts payable. The terms can state, for instance, that the provider must be paid within 30 or 90 days. If the business does to pay the due by the deadline specified by the supplier or creditor, the payable is in default.
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marcus finds that a check written by a customer and deposited has not yet been posted
Answers
Most labor economists believe that the supply of labor is much less elastic than the demand. This means that workers, rather than firms, bear most of the burden of the payroll tax is called____
Answers
Most labor economists believe that the supply of labor is much less elastic than the demand. Workers, rather than firms, bear most of the burden of the payroll tax is called Elasticity with payroll taxes
The distribution of a tax's burden across buyers and sellers in a market is referred to as its incidence. Depending on the relative elasticity of supply and demand, a tax on a commodity may have an impact on both the price that buyers pay and the price that sellers receive. The majority of labour economists think that the supply of labor is less elastic than the demand for labour in the case of a payroll tax, which is a tax on wages paid by employers.
Workers react to salary adjustments differently than employers do to changes in the cost of labour. Because of this, it is likely that workers will face the majority of the tax burden in the form of decreased after-tax wages when a payroll tax is implemented. So, according to the majority of labour economists, the supply of labour is significantly less elastic than the demand. Elasticity with payroll taxes refers to the fact that employees, not businesses, carry the majority of the payroll tax burden.
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If the amount of net sales is rm23,000, net purchase rm10,000 and the cost of goods sold is rm2450, determine the amount of gross profit or loss
Answers
As per the given information, the gross profit is needed to be determined. So, the amount of gross profit is RM20,550.
What is the gross profit?The profit a company gets after deducting or reducing all costs associated with creating and selling its services or products is known as gross profit.
\(\text{Gross profit} = \text{Net Sales} - \text{Cost of goods sold}\\\text{Gross profit} = 23,000 - 2,540\\\text{Gross profit} =20,550\)
Therefore, the gross profit is RM20,550
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Gertrude takes out a $5,500 subsidized Stafford loan, which must be paid back in ten years. Gertrude will graduate four years after taking out the loan. If the loan has an interest rate of 6. 8%, compounded monthly, and Gertrude makes monthly payments, how much interest will she pay by the time the loan is repaid? Round all dollar values to the nearest cent. A. $4,462. 40 b. $1,213. 28 c. $1,713. 69 d. $2,094. 80.
Answers
The interest is the amount of payment that is given by the borrower to the lender of money, it is the excess amount that is paid for the use of money.
The amount of interest that Gertrude would pay is $2,908 to repay the total amount of the loan.
What is interest?Interest is the monetary charge for acquiring money, and it is mostly shown as a percentage, such as an annual percentage rate (APR).
Interest is the excess amount that is paid by the lender to use his money on a certain percentage, and it is repaid with the amount of principal.
Computation of Interest:
Given that,
Principal(P) = $5,550,
Interest Rate(i) = 6.8%,
\(\text{i} = \dfrac{6.8}{12\times100}\\\\\text{i} =0.005667\)
Number of monthly Installments(n)= 10×12 = 120.
Here, we apply the formula of E.M.I (Equated Monthly Installment):
\(\text{E.M.I.}= \dfrac{P\times i\times (1+i)^n}{(1+i)^n-1}\\\\\\\text{E.M.I.}=\dfrac{\$5,500\times 0.005667\times (1+0.005667)^1^2^0}{(1+0.005667)^1^2^0-1}\\\\\\\text{E.M.I.}=\$63.29\)
Here, the total installments of the loan are 120,
then the amount of total payment would be:
\(120\times\$63.29= \$7,594\)
Then, the amount of interest that is paid on the loan would be:
\(\text{Amount -Principal}= \text{Interest}\\\\\$7,594.28-\$5,500= \$2,094.28\\\\\\\text{Interest}= \$2,094.28\)
Therefore, the total amount of interest that Gertrude has to pay is $2,097.28.
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Define a parameter, a sample statistic, and a frequency distribution"
Answers
A parameter describes a characteristic of a population, whereas, a sample statistic is a measure calculated from a sample to estimate the population parameter. and a frequency distribution shows the count or proportion of values in different categories or intervals within a dataset.
A population's characteristics or measures are known as parameters. It is a number that represents a characteristic of the population, like the mean, standard deviation, or proportion.
On the other hand a sample statistic is a characteristic or measurement derived from a sample. This population parameter is estimated or inferred using it. The sample mean, sample standard deviation, and sample proportion are examples of sample statistics.
A frequency distribution is a visual representation of how frequently certain values appear in a dataset. The data is divided into various intervals or categories, and the count or percentage of observations falling within each interval is displayed. By revealing information about the distribution, central tendency, and variability of the variable being measured, a frequency distribution aids in the summarization and analysis of the data. To make data analysis and interpretation easier it can be displayed as a table, histogram, or bar chart.
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When using the marketing strategy planning process, what part of the process should be implemented last?
Answers
Answer:
summary
process should be implemented last
briefly describe what is meant by the organizational structure and explain any three examples of organizational structure used by businesses
Answers
Explanation:
Organizational structure : Framework for managers which shows the division of responsibilities and roles played by each stakeholder
Examples :How the business carries it self
: Does the business have ethical issues
: Does the business have a code of conduct
if actual direct labor cost was $7,560 and standard labor cost was $7,000, the journal entry to record this would include:
Answers
To record the actual direct labor cost of $7,560, the journal entry would be: Debit: Direct Labor Expense - Actual $7,560 Credit: Direct Labor Payable $7,560
There is no journal entry required for the standard labor cost of $7,000 as it is a budgeted or estimated amount and not an actual expense. The Labor Rate Variance account measures the difference between the actual rate paid for labor and the standard rate. A favorable labor rate variance occurs when the actual rate paid is less than the standard rate, while an unfavorable variance occurs when the actual rate paid is higher than the standard rate.
The Labor Efficiency Variance account measures the difference between the actual hours worked and the standard hours allowed for the actual output produced. A favorable labor efficiency variance occurs when fewer hours are used than the standard hours allowed, while an unfavorable variance occurs when more hours are used than the standard hours allowed.
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Write a suitable indefinite article before the following words or phrases and write
them again. (Copy the questions)
___heirloom ___astronomer
___ewe ___hotel employee
___honest man ___advocate
___one eyed dog ___awkward moment
___awesome picture ___European tourist
___incompetent employee ___auspicious moment
___humane person ___MLA
___horrible joke ___M. A student
Answers
Answer:
An heirloom, An astronomer
A ewe, A hotel employee
An honest man, An advocate
A one-eyed dog, An awkward moment
An awesome picture, A European tourist
An incompetent employee, An auspicious moment
A humane person, An MLA
A horrible joke, An M. A student
Explanation:
'A', 'an' and 'the' are the three articles that are used in English. They are used before nouns to specify them. 'A' and 'an' are indefinite articles and 'the' is the definite article. The indefinite article is used before the nouns which are not known or which are not identified. The definite articles are used before the identified noun. The indefinite article 'a' is used before the nouns that begin with a consonant sound. The indefinite article 'an' is used before the nouns that begin with a vowel sound.
ECONOMICS CHAPTER 2 SECTION 3
explain the relationship between the terms in each of these pairs
A. Private property rights and market
B. laissez-faire and capitalism
C. Specialization and profit
D. Factor market and product market
ECONOMICS CHAPTER 2 SECTION 3
Answers
Private property rights and market is in which people buy and sell resources or goods and services.
Private property rights are the rights of individuals and groups to own property and the market is any place or situation in which people buy and sell resources and goods and services.
Laissez-faire and capitalism-The relation-ship between laissez-faire and capitalism is laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention.
Specialization and profit- The relation-ship between specialization and profit is the companies specialize in making one product or one component of a product, if this product will make at large scale, companies reduces it's cost to earn profit.
Factor market and product market- The relation-ship between Factor market and product market is the factor market is running by the demand of product market. The product market is sold their goods and services with the demand of factor market to production these goods and services.
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According to the liquidity premium theory of the term structure, a flat yield curve indicates that short-term interest rates are expected to.
Answers
According to the liquidity premium theory of the term structure, a flat yield curve indicates that short-term interest rates are expected to remain constant.
What does a flat yield curve mean?A flat yield curve is an indicator that interest rate would be constant. The long term and short term interest rate would be the same. A downward sloping yield curve can also be an indicator that there is an expectation of lower inflation rate in coming years.
If the yield curve is upward sloping, the short term interest rate would be lower than the long term interest rate
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basheer operates a business that smooths and finishes poured concrete floors, sidewalks, driveways, and pool decks. basheer has been observing and timing each task undertaken by his workers because he would like to increase their efficiency. basheer is engaging in ________ management.
Answers
Basheer is engaging in performance management.
As the manager, Basheer is monitoring and evaluating his employee's work to increase their efficiency. He must create the environment for his employees to bring out their best abilities in performing tasks that satisfy customers with the highest quality.
Performance management is a management tool that enables monitoring and evaluation of the tasks carried out by workers so that efficiency can be increased and management's goals achieved.
Thus, Basheer is engaged in performance management when he observes and times each task by his workers to improve performance efficiency.
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what are the pros and cons of being a program director
Answers
Answer:
Con- it takes a looong time
(1) how can a lack of appropriate self-disclosure be a barrier to effective relations with others? specifically, how can a failure to disclose affect your position in the workplace?
Answers
Self-disclosure is the process of revealing personal information about oneself to another person. It is an important aspect of building and maintaining relationships with others.
One of the main ways that a lack of self-disclosure can affect your position in the workplace is by creating a sense of mistrust or suspicion among your coworkers. If you are not open and transparent about your thoughts, feelings, and experiences, others may feel that you are hiding something or being dishonest. This can lead to a breakdown in communication and a lack of trust, which can negatively impact your ability to work effectively with others.
Additionally, a failure to disclose can also make it difficult for you to build strong, meaningful relationships with your coworkers. Without self-disclosure, it is difficult to connect with others on a deeper level and form strong bonds. This can lead to a sense of isolation and a lack of support in the workplace, which can affect your job satisfaction and overall well-being.
Overall, it is important to practice appropriate self-disclosure in the workplace in order to build trust, form strong relationships, and create a positive work environment. Failing to do so can have a negative impact on your position in the workplace and your ability to work effectively with others.
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Question 10 of 20
What is the difference between a market economy and a command
economy?
A. A market economy is determined by central authority and a
command economy is determined by consumers,
B. A market economy is determined by consumers while a command
economy is determined by both consumers and central authority
C. A market economy is determined by both central authority and
consumers while a command economy is determined by only
consumers
D. A market economy is determined by consumers and a command
economy is determined by central authority,
Answers
hi i need help plz its
Answers
If a company has both an inflow and outflow of cash related to property, plant, and equipment, the ______________ in the investing activities section.
Answers
The cash inflow and cash outflow must be reported separately in the investing activities section. Money coming into a business is known as cash inflow, and it may come through sales, investments, or financing. The reverse of a cash outflow is a cash inflow, which is money entering a business.
In other words, for a business to be financially viable over the long run, there must be more operating cash inflow than operating cash outflows. Cash from sales is subtracted from cash paid for operational expenses during the time period to determine operating cash flow. Purchases, loan repayment, business expansion, paying salaries.
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In what order do managers typically perform the managerial function?
Answers
Answer and Explanation:
As we know that the managerial functions are as follows:
1. Planning
2. Organizing
3. Leading
4. controlling
In this way it should be perfomed by the managers so that the company goals and objectives should be accomplished within the prescribed time and if there is any discrepancy so it would be corrected before time
The marketing team of Kyns Technologies needed more funds to carry out market research for one of its new products. The research and development team also needed funds to improve the company's existing products. The teams decided to split the company's funds so that both teams could use them, but not optimally. Which of the following concepts does this scenario illustrate? A. Despotism B. Compromise C. Repression D. Domination
Answers
Answer: compromise
Explanation:
Compromise refers to a scenario whereby a deal is made between different parties and in such scenario, each party gives up part of their demand. It simply means finding agreement through communication.
Since despite the need of the marketing team and the research team, both teams decided to split the company's funds so that both teams could use them, but not optimally. This is referred to as compromise.
Answer:
Compromise
Explanation:
When agreement is made or a conclusion is reached between tow different parties or wings, such that each of the agreeing parties has to shelve a certain part of its plans or demand in other to reach a reasonable conclusion. This idea shelving or cutting down on intention or projects by each party is called compromise. In the scenario, both the marking and research and development teams needed funds, however, due to inadequate provision, they had to agree on rationing what is available even though an optimal usage would be very unlikely.
Explain the following in detail.
a. How capital is created
b. The four uses of capital
c. How the government creates unemployment
Answers
a. How capital is createdCapital is created when people save some of their money and deposit it in banks, or when investors buy shares in companies. These savings can be lent to other individuals or businesses for investment purposes, such as expanding their operations, hiring more workers, or developing new products or services. Capital can also be created through government spending on public infrastructure projects like roads, bridges, and schools.
b. The four uses of capital Capital can be used in four ways: Investment: This refers to the process of spending money in order to acquire or improve an asset. Businesses use capital to invest in new equipment, technologies, and facilities, while individuals use capital to invest in education, housing, or other personal development projects. Consumption: This is the act of using goods and services to satisfy wants and needs. When people purchase consumer goods like food, clothing, or electronics, they are using capital for consumption purposes. Reserves: Reserves refer to the portion of capital that is set aside for emergency situations or unexpected expenses. Businesses and individuals keep reserves as a buffer against financial losses. Speculation: This refers to the act of buying and selling assets, such as stocks, real estate, or commodities, in order to generate profits from changes in market prices.
c. How the government creates unemployment There are several ways in which the government can create unemployment, either intentionally or unintentionally: Cutting spending: When the government reduces spending on public programs like healthcare, education, or social services, it can lead to layoffs in those sectors. Reducing wages: If the government sets a minimum wage that is too high or enforces strict regulations on employers, it can cause businesses to lay off workers to offset the increased costs of labor.Taxation: High taxes can discourage businesses from investing in new projects or hiring more workers, which can lead to higher rates of unemployment. Additionally, high taxes on consumer goods can reduce consumer spending and lead to reduced demand for goods and services.
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Chef’s apron gas money food movies
Culinary knives car insurance electric bill dining out
Which label belongs over column D
Answers
Answer:I believe the answer is D. "want"
Explanation:
Answer:
cost
Explanation:
The young men below are in colloquial language, “getting their hustle on!” Explain how their business is a sole proprietorship. Secondly, explain why the government will have a difficult time taxing this type of business.
Answers
These businesses are typically not registered with the government, and they do not have an official structure.
The government may be unwilling or unable to regulate these types of businesses because they are frequently viewed as necessary for economic growth and development.
In colloquial language, the young men below are "getting their hustle on." A sole proprietorship is a type of business that is owned and operated by a single individual. The young men's business can be referred to as a sole proprietorship since they are the sole owners of the business.
They are the ones who started the business, are responsible for all of its operations, and are accountable for all of the profits or losses.The government will have a tough time taxing this type of business for a variety of reasons.
Firstly, these businesses are typically not registered with the government, and they do not have an official structure. As a result, it's difficult for the government to track their activities and evaluate their taxes.
Secondly, many of these businesses operate in the informal sector, and they do not have formal accounting procedures or systems in place. As a result, it's difficult for the government to determine their exact revenue and taxable income.
Thirdly, these businesses are frequently involved in cash transactions, and it's difficult for the government to monitor their cash flow and revenue. As a result, they may not accurately report their earnings or pay the required taxes.
Finally, the government may be unwilling or unable to regulate these types of businesses because they are frequently viewed as necessary for economic growth and development. As a result, they may not be heavily taxed, if at all, since the government may be hesitant to discourage their operations.
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Does anyone want to be saved and acceot the lord jesus christ to come into your heart if you do please say these words out loud.
Lord I admit to you that I am a sinner, but i ask you to please forguve me from all of my sins. Lord god I repent and I turn away from them and never go back. Lord gold fill me with you Holy Spirit. Amen
Now from this day on read your bible and pray and talk to the Lord.
If you have done these things write back Remeber Jesus Loves You And I do To
Answers
Answer:
nah im goood
Explanation:
i dont feel like asking him to "forguve me from all of my sins"
very proud of u for sharing the good news and ik our Lord is too! don’t let those ppl discourage u! have a blessed day