Question
In: Accounting
Which of the following is correct? Select one: a. Overtime premiums should be treated as a...
Which of the following is correct?
Select one:
a. Overtime premiums should be treated as a component of Direct labour
b. overtime premium should be accounted for as a special type of loss.
c. Idle time should be treated as a component of manufacturing overhead.
d. Both "a" and "c" are correct
Solutions
Expert Solution
Overtime premiums are the extra pay given to the workers for working extra hours. Overtime premiums are additional labor costs so should be included in Manufacturing overhead and not to the Direct labor costs. Cost of idle time should also be treated as an indirect labor costs. so, it has to be included in Manufacturing overhead costs.
Idle time = Total time spent by worker - Actual time spent in production
So, Idle time should be treated as a component of manufacturing overhead.
Option 'C' is correct
ekkarill92 answered 2 years agoRelated Solutions
47. Which of the following statements are correct? Select which option is correct. Select one or...
47. Which of the following statements are correct?
Select which option is correct.
Select one or more:
The level of professional skepticism can be reduced where the
auditor has past experience with the entity indicating the honesty
and integrity of management.
The level of professional skepticism needs to be maintained
throughout the whole engagement.
Professional skepticism implies an expectation of fraud or
error, so is a biased viewpoint.
Professional skepticism is not important in considering
management's explanations for unusual trends...
Which of the following statements are correct (Select all that apply): Select one or more: A....
Which of the following statements are correct (Select all
that apply):
Select one or more:
A. An income statement reports on financing activities.
B. A balance sheet reports on investing and financing
activities.
C. The statement of cash flows reports on cash flows from
operating, investing, and financing activities over a period of
time.
D. A balance sheet reports on a company's assets and liabilities
over a period of time.
E. The statement of equity reports on changes in the...
Which of the following statements are correct (Select all that apply): Select one or more: A....
Which of the following statements are correct (Select all that
apply): Select one or more: A. A balance sheet reports on investing
and financing activities. B. An income statement reports on
financing activities. C. The statement of equity reports on changes
in the accounts that make up equity. D. The statement of cash flows
reports on cash flows from operating, investing, and financing
activities over a period of time. E. A balance sheet reports on a
company's assets and liabilities...
Which of the following statements is correct? Select one: a. A line of credit is an...
Which of the following statements is correct?
Select one:
a. A line of credit is an agreement between a bank and a
customer under which the bank guarantees the customer a fixed
dollar amount of loan.
b. Banks issue commercial paper for raising funds for long
periods
c. Securitisation of loans reduces banks’ capital
requirements.
d. The principal source of funds for banks is through the issue
of debt securities.
Which of the following is correct in the cases of the Option contracts? Select one: a....
Which of the following is correct in the cases of the Option
contracts? Select one:
a. None of these
b. Option buyer’s gains can be limited
c. Option writer’s losses can be unlimited
d. Option writer’s gains can be unlimited
e. Option buyer’s losses can be unlimited
When a home currency depreciates, which one of the following is NOT correct? Select one: a....
When a home currency depreciates, which one of the following is
NOT correct?
Select one:
a. home exporters have more advantages than home importers
b. home importers have more advantages since it takes more home
currency to buy the foreign currency
c. a foreign currency is more valuable than the home
currency
d. the home currency has less purchasing power in the world
trade markets
Which one of the following is NOT correct for biophysical system? Select one: a. Biophysical systems...
Which one of the following is NOT correct for
biophysical system?
Select one:
a. Biophysical systems can neither create nor destroy
energy.
b. Will reach thermal equilibrium during their lifetime
c. Biophysical processes removed from equilibrium will produce
an increase in entropy.
d. When biophysical systems, including physiological ones, have
an increase in energy produced by ordering the local environment,
there must be a greater decrease in energy in the energy of the
universe
e. Biophysical systems in living organisms...
Which of the following statements is MOST CORRECT? Select one: a. It is easier to transfer...
Which of the following statements is MOST CORRECT?
Select one:
a. It is easier to transfer one's ownership interest in a
partnership than in a corporation.
b. Although stockholders of the corporation are insulated by
limited legal liability, the legal status of the corporation does
not protect the firms? managers in the same way.
c. One of the disadvantages of the corporate form of
organization is that it has double taxation.
d. In part due to limited liability and ease...
Which of the following is correct for the Credit Swaps? Select one: a. Diversify the lenders’...
Which of the following is correct for the Credit Swaps? Select
one:
a. Diversify the lenders’ risk
b. Not very liquid
c. All of these
d. Reduce the credit risk of the lenders
Which of the following statements is NOT correct? Select one or more: a. A balance sheet...
Which of the following statements is NOT correct?
Select one or more:
a. A balance sheet reports on a company’s assets and liabilities
over a period of time.
b. The statement of equity reports on changes in the accounts
that make up equity
c. The statement of cash flows reports on cash flows from
operating, investing, and financing activities over a period of
time.
d. A balance sheet reports on resources and the claim of
resources at a point of...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- use postorder and inorder tree traversals to make preorder traversal. #!/usr/bin/env python3 # encoding: UTF-8 """Turning...
- 1. Write an if-else statement to describe an object. Print "Balloon" if isBalloon is true and...
- An investor is considering purchasing a Treasury bond with a 20 year maturity, an 8% coupon...
- Write a program that copies the contents of one file to a destination file. This program...
- how to conduct a marketing mix for 3d crest white strips
- Is big data analytics used for service innovation at Amazon? If so, please write a brief...
- A shrink-fit process has been used to enhance the pressure carrying capacity of a cylinder. During...
ADVERTISEMENT