Refer to Table 12.1. In reasoning with the complaining managers, Lee used:

Which of the following best describes a bond rated by Standard & Poor's and Moody as B?

A) judged to be high quality by all standards B) considered to be medium grade obligations C) neither highly protected nor poorly secured D) generally lacks the characteristics of a desirable investment

In job order costing, only direct costs are used to determine the cost of a job

Indicate whether the statement is true or false