Answer:
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Answer:
Consider the following explanation
Explanation:
a) J. Crew is issuing its catalogs monthly in response to inflation. This will incur cost and it is known as 'Menu Cost'.
b) Grandpa has bought annuity which has promised $10,000 a year for the rest of his life. However, higher than expected inflation means grandpa has lesser purchasing power. This is loss of purchasing power and also 'redistribution cost'. In higher inflation borrower tends to get benefit. Here insurance company is at the gain.
c) Maria is witnessing loss of purchasing power because of hyper inflation. In such scenario, cost keeps rising and product's price could be higher a few hours later. This was witnessed in Germany as well as in Zimbabwe. People run to the stores as soon as they get cash or salary. It is known as 'shoe leather cost'. People make frequent trips to banks or stores but do not keep cash in fear of losing value.
d) Gita actually earned only 5% on her portfolio but as her income is in taxable bracket so she has to pay 20% tax. Her income from portfolio not even compensated inflation. This is a redistribution cost and also known as fiscal drag. More people fall into bracket because higher nominal income but real income is neglected which makes people worse off.
e) Father thinks that son is earning far more than him but inflation over the period of time erodes purchasing power and it could be possible that current income might be lower, same or higher comparing to inflation data. However, if it is lower then it is obviously loss of purchasing power.
Hutton Company reported a $750 unfavorable overhead variance on a recent performance report. This means that factory overhead was underapplied during the period.
<h3>What does an unfavorable overhead volume variance mean?</h3>
An unfavorable volume variance indicates that the amount of fixed manufacturing overhead costs applied (or assigned) to the manufacturer's output was less than the budgeted or planned amount of fixed manufacturing overhead costs for the same time period.
Unfavorable variance is an accounting term that describes instances where actual costs are greater than the standard or projected costs. An unfavorable variance can alert management that the company's profit will be less than expected.
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Answer:
A. An inquiring mind and suspension of belief is the correct answer.
Explanation:
- Professional skepticism is an inquiring mind that includes critical evaluation, questioning, and staying alert to situations that may indicate possible error because of fraud and mismanagement and also an important evaluation of audit data.
- The elements of professional skepticism are questioning mind, autonomy, suspension of knowledge,interpersonal judgment, search for information, and self-esteem.
- Professional skepticism performs an important role in the audit and we need professional skepticism to maintain an audit of the expectation.
