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What should the title be in Gap 1?

Using the following information, calculate the variable overhead rate and efficiency variances, and state if they are favourable or adverse.

Actual production was 1,500 units which were completed in 3,620 hours at a variable overhead cost of $11,000.

The budget was that each pie would take 2.5 hours to make and the variable overhead absorption rate would be $3 per hour.

 What point of law is explained in the case of Freeman & Lockyer v Buckhurst Park Properties (Mangal) Ltd 1964? 

 Agency is the (1)___________ which exists between two (2)___________ persons. They are the (3)___________ and the agent, in which the function of the agent is to form a (4)___________ between their  (5)___________ and a (6)___________ 

 Which one of the following statements about the liability of a new partner in a partnership is correct? 

A

New partners automatically assume liability for existing partnership debts when they join the firm and for new debts incurred after they join 

B

 New partners are only liable for partnership debts that they personally authorise 

C

New partners are not liable for existing partnership debts when they join but are liable for new partnership debts incurred after they join 

D

New partners become liable for new partnership debts when they meet the creditors personally 

 It is the LLP itself, rather than the partners personally, that enjoys the benefit of limited liability. 

A

True 

B

False 

 There is no legal requirement for an LLP to be audited. 

A

True 

B

False 

In the context of partnership law, a partner's actual authority to bind the partnership in a contract is determined by which of the following?

A

What is agreed between the partners

B

The perception third parties have of the purpose of the partnership

C

The actual purpose of the partnership

To wind up a Limited Liability Partnership (LLP), which of the following is required?

A

An order from the Registrar of Companies

B

It must be formally wound up

C

A deed signed by the partners

D

A court order

 Which of the following statements regarding partnerships is correct? 

A

 A partnership must exist for more than a single business transaction 

B

 The business must be profitable 

C

 A partner can be an individual living person or a registered company