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Accounting Problems




Question;1.) Henson produces a product that requires 10 standard;labor hours at $5/hr. If Henson produces 1,000 units and used 10,000 direct;labor hours, the labor rate efficiency variance is;a.) $10,000;b.) $50,000;c.) 0;d.) None of the above;2.) The present value of cash flow allows an individual;to assess.;a.) The value of a present cash flow;b.) The Value of a stream of cash flows in terms of the;best alternative;c.) Both A and B;d.) Neither A nor B;3.) The capital expenditures budget is tied closely to;the;a.) Sales Budget;b.) Purchases budget;c.) Cash receipts budget;d.) Cash expenditures budget;4.) There is a fixed cost element in ending inventory;using the absorption costing approach.;True or False;5.) The labor efficiency variance is used in activity based;costing.;True or False;6.) If production equals sales and there are no beginning;or ending inventories;a.) Variable costing gives a higher net income than;absorption costing;b.) Variable costing gives a lower net income than;absorption costing;c.) Net income is the same under each assumption;d.) None of the above;7.) Jeremiah pays for 50% of its purchases in the month;of purchase, 30% in the month after and 20% in the month after that. For a;$100,000 purchase in January, what is the accounts payable with respect to this;purchase at the end of February?;a.) $50,000;b.) $30,000;c.) $20,000;d.) None of the above


Paper#37296 | Written in 18-Jul-2015

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