11) David Myers, former controller for WorldCom, pleaded guilty to falsely reported costs for WorldCom that...
11) David Myers, former controller for WorldCom, pleaded guilty to falsely reported costs for WorldCom that were ________ than they actually were, resulting in reported ac- counting profits for WorldCom that were ________ than their actual level. a. higher; higher b. higher; lower c. lower; lower d. lower; higher
Homework Answers
b.higher;lower
If the reported costs were higher than the actual cost, then by simple logic, the reported accounting profit would be lower than the actual level.(he reported the costs to be higher , that is why pleading guilty).
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11) David Myers, former controller for WorldCom, pleaded guilty
to falsely reported costs for WorldCom that...
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget b...
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget because they do not change when the level of activity 10 Which of the following statements is true? A. If activity is higher than expected, total fixed cos expected, total fixed costs should be lower than expected B Fixed costs should not be included in a flexible bu changes. A revenue variance is favorable if the actual revenue is greater...
10 Which of the following statements is true? activity is higher than expected total fixed costs...
10 Which of the following statements is true? activity is higher than expected total fixed costs should be higher than expected. I civity is lower than expected, total fixed costs should be lower than expected Fixed costs should not be included in a flexible budget because they do not change when the level of activity changes. C A revenue variance is favorable if the actual revenue is greater than the revenue in the master (static planning) budget. A spending variance...
Question 35) Cavalaris Products uses a standard cost system. Overhead costs are allocated based on direct...
Question 35) Cavalaris Products uses a standard cost system. Overhead costs are allocated based on direct labor hours. In the first quarter, Cavalaris had an unfavorable cost variance for variable overhead costs. Which of the following scenarios is a reasonable explanation for this variance? A) The actual mumber of direct labor hours was lower than the buderted hours B)The actual variable overhead costs were higher than the budgrted costs C)The actual variable overhead costs were lower than the budgntnd costs...
Question 6 Not yet answered Wave Fashions uses standard costs for its manufacturing division. The allocation...
Question 6 Not yet answered Wave Fashions uses standard costs for its manufacturing division. The allocation base for overhead costs is direct labor hours. From the following data, calculate the total fixed overhead variance. Marked out of 2.00 $36,000 $24,500 $28,000 P Flag question Actual fixed overhead Budgeted fixed overhead Allocated fixed overhead Standard overhead allocation rate Standard direct labor hours per unit Actual output $7.00 2.00 DLHO 2000 units Select one: O A. $14,000 V O B. $14,000 F...
18) Barsness C serviced. purposes and th orporation is an oil well service company that measures...
18) Barsness C serviced. purposes and th orporation is an oil well service company that measures its output by the number of wells e actual results of operations for November. The company has provided th e following fixed and variable cost estimates that it uses for budgeting Actual Fixed Element Variable Element Total for Revenue Employee salaries and wages 56,800 Servicing materials Other expenses per Month per Well Serviced November S 4,400 190,100 S 1,100 S 103,400 $ 700 29,800...
11) For a firm with some positive fixed costs, the average total cost is U-shaped, decreasing...
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10 Which of the following statements is true? A f activity is higher than expected total...
10 Which of the following statements is true? A f activity is higher than expected total expected, total fixed costs should be lower than expectes desta shehehe sts should be higher than expected. I activity is lower than than expected ked costs should not be included in a rsible budest because they do not change changes, lexible budget because they do not change when the level of activity A revenue variance is favorable if th i c hen ther e...
$ MC $22 ATC 18 16 14 AVC D = AR 11 8 MR - Q...
$ MC $22 ATC 18 16 14 AVC D = AR 11 8 MR - Q 12 17 22 At the profit-maximizing level of production, the monopoly in Figure 11-20 will have total cost of a. $264 b. $306 c. $216 d. $187 O e. $176 gs3mp16r.1.3.012 Question 57 of 65 Which of the following is a normative economic statement? a. If we doubled the size of welfare payments, we would reduce the number of homeless persons. b. Companies should...
Larry Miller, controller for Kipling Company, has been instructed to develop a flexible budget for overhead...
Larry Miller, controller for Kipling Company, has been instructed to develop a flexible budget for overhead costs. The company produces two types of frozen desserts: Icey and Tasty. The two desserts use common raw materials in different proportions. The company expects to produce 200,000 gallons of each product during the coming year. Icey requires 0.25 direct labor hour per gallon and Tasty requires 0.30. Larry has developed the following fixed and variable costs for each of the four overhead items:...
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget because they do not change when the level of activity 10 Which of the following statements is true? A. If activity is higher than expected, total fixed cos expected, total fixed costs should be lower than expected B Fixed costs should not be included in a flexible bu changes. A revenue variance is favorable if the actual revenue is greater...
10 Which of the following statements is true? activity is higher than expected total fixed costs should be higher than expected. I civity is lower than expected, total fixed costs should be lower than expected Fixed costs should not be included in a flexible budget because they do not change when the level of activity changes. C A revenue variance is favorable if the actual revenue is greater than the revenue in the master (static planning) budget. A spending variance...
Question 6 Not yet answered Wave Fashions uses standard costs for its manufacturing division. The allocation base for overhead costs is direct labor hours. From the following data, calculate the total fixed overhead variance. Marked out of 2.00 $36,000 $24,500 $28,000 P Flag question Actual fixed overhead Budgeted fixed overhead Allocated fixed overhead Standard overhead allocation rate Standard direct labor hours per unit Actual output $7.00 2.00 DLHO 2000 units Select one: O A. $14,000 V O B. $14,000 F...
18) Barsness C serviced. purposes and th orporation is an oil well service company that measures its output by the number of wells e actual results of operations for November. The company has provided th e following fixed and variable cost estimates that it uses for budgeting Actual Fixed Element Variable Element Total for Revenue Employee salaries and wages 56,800 Servicing materials Other expenses per Month per Well Serviced November S 4,400 190,100 S 1,100 S 103,400 $ 700 29,800...
10 Which of the following statements is true? A f activity is higher than expected total expected, total fixed costs should be lower than expectes desta shehehe sts should be higher than expected. I activity is lower than than expected ked costs should not be included in a rsible budest because they do not change changes, lexible budget because they do not change when the level of activity A revenue variance is favorable if th i c hen ther e...
$ MC $22 ATC 18 16 14 AVC D = AR 11 8 MR - Q 12 17 22 At the profit-maximizing level of production, the monopoly in Figure 11-20 will have total cost of a. $264 b. $306 c. $216 d. $187 O e. $176 gs3mp16r.1.3.012 Question 57 of 65 Which of the following is a normative economic statement? a. If we doubled the size of welfare payments, we would reduce the number of homeless persons. b. Companies should...
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