Advocates of Judicial Activism

question 81

Multiple Choice

Advocates of judicial activism

• A)believe the role of the Court should be one of referee.
• B)emphasize that the courts may alleviate pressing needs left unmet by the political process.
• C)tend to be ideologically conservative.
• D)question the qualifications of judges for making political decisions.
• E)believe that the courts are the most democratic branch of government.

Compute the accounts payable period and its significance in liquidity management.

Analyze the effect of operational changes on a firm’s financial cycle.

Understand the relationship between sales, cost of goods sold (COGS), and inventory turnover.

Calculate and interpret the effective annual interest rate on financial arrangements.

---

Definitions:

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours worked, multiplied by the standard labor rate.

Standard Hours

A measure used in accounting to indicate the expected amount of time required to complete a task or project.

Actual Hours

The total time spent on a specific task or job by workers, typically measured in hours.

Variable Overhead Efficiency Variance

The difference between the standard cost of variable overhead allocated to production and the actual variable overhead incurred, based on the efficient use of the allocation base, such as labor-hours.