Use the Information Below to Answer the Following Question(s)

question 54

Multiple Choice

Use the information below to answer the following question(s) .
Joe's Tire Company has two support departments, Personnel and Maintenance. The Maintenance Department costs of $80,000 are allocated on the basis of standard service hours used. The Personnel Department costs of $20,000 are allocated based on the number of employees. Costs of Departments A and B are $40,000 and $60,000, respectively.
Data on standard service hours and number of employees are as follows:

-How much of the cost of the Maintenance Department is allocated to Department B using the direct method?

• A) $60,000
• B) $12,800
• C) $32,000
• D) $21,333
• E) $5,333

Identify the elements required to prove a tort claim.

Distinguish between torts, crimes, and civil wrongs.

Recognize specific examples of intentional torts.

Comprehend the legal terminology specific to the study of torts.

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Definitions:

Conceptual Framework

A set of theoretical principles and concepts that underpin and guide the standards, rules, and procedures of accounting and financial reporting.

Recognise

The accounting process of officially recording an item or transaction in the financial statements.

Monthly Payment

The amount of money that is paid on a monthly basis for the use of a service or repayment of a loan.

IFRS Advisory Council

A group that provides the International Accounting Standards Board (IASB) with strategic advice on the setting and implementation of international financial reporting standards.