Which of the following statements is correct?
a. prepaid expenses are decreased with a debit
b. unearned revenue is increased with a debit
c. rent expense is increased with a credit
d. accounts payable is increased with a credit
Ans: d. accounts payable is increased with a credit
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An effective business process enables an organization to accomplish its strategy
Indicate whether the statement is true or false
Underfoot Products uses standard costing. The following information about overhead was generated during May: Standard variable overhead rate $2 per machine hour Standard fixed overhead rate $1 per machine hour Actual variable overhead costs $390,000 Actual fixed overhead costs $175,000 Budgeted fixed overhead costs $190,000 Standard machine hours per unit produced 10 Good units produced 18,000
Actual machine hours 200,000 Using the above information provided for Underfoot Products, compute the variable overhead variance. A) $42,000 (F) B) $42,000 (U) C) $30,000 (U) D) $32,000 (F)