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klio [65]
3 years ago
13

Which of the following variances are most similar with respect to the manner in which they are calculated? Multiple Choice Labor

rate variance and labor efficiency variance. Material price variance and material quantity variance. Material price variance, material quantity variance, and total material variance. Material price variance and labor efficiency variance. Material quantity variance and labor efficiency variance.
Business
1 answer:
ollegr [7]3 years ago
3 0

Answer:

Materials quantity variance and labor efficiency variance.

Explanation:

Material quantity variance is defined as the difference that exists between the actual amount of a material that is used in production and the expected amount to be used. It measures the efficiency with which a raw material is converted into product.

MQV is calculated by multiplying standard price of material by difference between standard quantity and actual quantity.

Labour efficienct rate on the other hand measure efficiency of using labour.

It is calculated by multiplying standard labour rate with difference between standard labour amount and actual labour amount.

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Explanation:

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3 years ago
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A store has a 6% restocking fee. If you join the store’s membership program, all items over $100 will have a flat rate restockin
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Saving means the amount of income that is not spent on a particular product.

The member of the store will save $5 if they return an item costing $240.

<h3>What is saving?</h3>

Saving is defined as the part of income not spent, or delayed consumption. Methods of saving, consider putting money set aside.

<u>Example:</u>

A deposit account, a pension account, an investment fund, or cash. Saving also refers to separating down expenditures, like recurring costs.

In the above situation, it is clearly mentioned that if any member would return the item which costs above $100, then he would save $5. So here the item which the member is returning is above $100 then, the member would save $5.

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2 years ago
Which of the following describes accrued revenue? (Check all that apply) Multiple select question. The adjustment causes an incr
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Answer:

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  • They refer to revenues that are earned in a period, but have not been received and are unrecorded.
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Explanation:

Accrued revenue refers to cash earned for selling a good or delivering a service yet the cash has not been received and the transaction was not recorded in the books as revenue. This means that the cash has been earned but it has not been billed to the customer it was earned from.

When the books are being adjusted for this, the accounts receivable - which is an asset account - will increase to show that cash is owed. Revenue will also increase as this was cash earned from delivering a good or service.

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The journal entry to record the purchase of merchandise on account for $2,750 with freight of $125 prepaid and added to the invo
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