Which of the following is true? O In developing a standard cost for direct materials, a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Which of the following is true? O In developing a standard cost for direct materials, a price factor and a quantity factor must be considered. O A direct labour price standard is frequently called the direct labour efficiency standard. O The standard predetermined overhead rate must be based on direct labour hours as the standard activity inde- O The direct materials price standard should be based on the production department's best estimate of the cost material. Which of the following is true? O In developing a standard cost for direct materials, a price factor and a quantity factor must be considered. O A direct labour price standard is frequently called the direct labour efficiency standard. O The standard predetermined overhead rate must be based on direct labour hours as the standard activity inde- O The direct materials price standard should be based on the production department's best estimate of the cost material.
Expert Answer:
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Posted Date:
Students also viewed these accounting questions
-
Which of the following is true if an auditor performs non-audit services for a government entity? a. The scope of the audit must be reduced so that the auditor does not audit the area for which the...
-
Which of the following is true with respect to fraud risk factors in an IT environment? a. Employees in an IT environment are highly skilled. b. Audit teams cannot evaluate the accounting information...
-
Which of the following is true about UNICAP rules? Only otherwise deductible expenses can qualify as a UNICAP expense UNICAP cost are always fully deductible in the current year only direct cost our...
-
With the CARES Act costing over $2 trillion and the federal government facing a significant decline in tax revenue, explain the effectiveness of fiscal policy using the three claims outlined in the...
-
Slip Systems had no short-term investments prior to 2013. It had the following transactions involving short-term investments in available-for-sale securities during 2013. Feb. 6 Purchased 3,400...
-
How does Voltaire's quote, "the perfect is the enemy of the good," relate to the well- known problem, "paralysis of analysis"?
-
Early in your audit of the Kimberly Corporation, you note that the factory supervisor approves time cards for hours worked and for hourly rates and also distributes the payroll checks. Required: 1....
-
In 2002, Roy Martin and his wife, Alice, their son, Hiram, and Hirams wife, Myrna acquired title to a 240-acre farm. The deed ran to Roy Martin and Alice Martin, the father and mother, as joint...
-
Recording Stock Dividends and Stock Splits The records of Dixie Corporation showed the following balances on November 1, 2020. Common stock, $10 par, 30,000 shares outstanding $300,000 Paid-in...
-
Evergreen Corporation (calendar-year end) acquired the following assets during the current year: *The delivery truck is not a luxury automobile. a. What is the allowable MACRS depreciation on...
-
At the end of its first year of operations on December 31, 2022, Ivanhoe Company's accounts show the following. Partner Drawings Capital Art Niensted $24,840 $51,840 Greg Bolen 11,592 32,400 Krista...
-
Which type of communication is constant when we are around other people, either verbal or non-verbal?
-
Explain the three (3) basic approaches that your manufacturing company Nestle South Africa may utilize to keep its physical facilities well-maintained.
-
A Tesla Model 3 car is sold in Indonesia for IDR 1.5 billion and US$ 35,000 in the United States. If the nominal exchange rate of the Rupiah is currently at the level of IDR 14,040.15 per as$: a....
-
To demonstrate the values, knowledge and skills you have gained as a result of this course, you will discuss the two themes that were most useful and/or transformative to your personal, professional...
-
The U.S. economy is experiencing large trade deficits. Suppose that the U.S. considers devaluing its dollar against a foreign currency to improve the trade balance. What type of currency contracting...
-
Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: 18 units at $27 4 units at $30 8 units at $32 30 units...
-
The cost curve for the city water supply is C(Q) = 16 + 1/4 Q2, where Q is the amount of water supplied and C(Q) is the cost of providing Q acre-feet of water. (An acre-foot is the amount of water...
-
What is attestation? Provide some examples of attestation engagements.
-
The objective in an auditors review of credit ratings of a clients customers is to obtain evidence related to managements assertion about a. Completeness. b. Existence. c. Valuation and allocation....
-
Mini- Case: Control Environment. Refer to the mini- case Unhealthy Accounting at HealthSouth shown on page C14 and respond to Questions 3 and 4. 3. How can auditors determine a companys true tone at...
-
Calculate the CGT payable in relation to each of the following disposals, assuming in each case that the annual exemption is fully utilised against other gains, that there are no allowable losses and...
-
Mick Stone disposed of the following assets during tax year 2023-24: (1) On 19 May 2023, Mick sold a freehold warehouse for 522,000. This warehouse was purchased on 6 August 2011 for 258,000, and was...
-
In October 2012, Matthew bought a piece of rare porcelain for 10,000. The porcelain was damaged in early 2019 and in February of that year Matthew spent 3,850 on restoration work. In July 2019,...
Study smarter with the SolutionInn App