Which of the Following Is True of an Independent Contractor's

question 88

Multiple Choice

Which of the following is true of an independent contractor's liability?

• A)The agent is liable for torts committed by an independent contractor.
• B)The independent contractor is personally liable for the torts he or she commits.
• C)The principal is liable for the independent contractor's torts.
• D)Both the principal and the independent contractor are liable for the contractor's torts.

Recognize the importance of standards in setting manufacturing costs.

Comprehend the process of adjusting journal entries based on significant variances.

Understand the conceptual framework behind the standard costing system and its application in a manufacturing environment.

Understand the calculation of material and labor variances including quantity, price, and total cost variances.

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Definitions:

Scenario Analysis

A business planning technique in which the implications of variations in planning assumptions are explored. Also known as “what-if-ing.”

Abandonment Option

A financial decision allowing companies to cease a project or investment to avoid further losses.

NPV

Net Present Value; a calculation used to assess the profitability of an investment, considering the present value of its cash flows.

Variances

Differences between planned financial outcomes and actual results, used in budgeting and financial management to analyze performance.