Examlex
If a fixed asset with a book value of $10,000 is traded for a similar fixed asset, and a trade-in allowance of $15,000 is granted by the seller, if the transaction is deemed to have commercial substance, the buyer would report a gain on disposal of fixed assets of $5,000.
Materials Price Variance
The difference between the actual cost of materials purchased and the expected (standard) cost, multiplied by the quantity of materials.
Labor Efficiency Variance
A measure used to assess the difference between the actual hours worked and the standard hours allotted to complete a task, multiplied by the standard hourly labor rate.
Variable Overhead
Refers to the indirect costs of operation that fluctuate with the level of production activity, such as utilities for manufacturing facilities.
Labor Rate Variance
The difference between the actual cost of labor and the expected (or standard) cost, indicating efficiency or inefficiency in labor usage.
Q13: The following data were gathered to use
Q28: For paying their payroll,most employers use payroll
Q42: The total net pay for a period
Q49: The amount of capital paid in by
Q58: An employee receives an hourly rate of
Q66: The excess of sales price of treasury
Q73: For each of the following scenarios,indicate the
Q80: Which one of the following below is
Q145: A fixed asset with a cost of
Q165: Sabas Company has 20,000 shares of $100