Which of the Following Is Not a Function of a Bill

question 23

Multiple Choice

Which of the following is not a function of a bill of lading?

• A) It serves as a receipt for goods.
• B) It serves as evidence that the goods specified in the bill of lading are stored in the insured building of the issuer.
• C) It is evidence of the contract of carriage.
• D) It serves as a document of title.

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Definitions:

Standard Cost System

A cost accounting system that uses cost units determined in advance for materials, labor, and overhead to estimate the cost of production.

Fixed Manufacturing Overhead

Regular, consistent expenses related to manufacturing that do not vary with the level of production, such as rent, salaries, and insurance.

Variable Overhead Efficiency Variance

The difference between the actual variable overhead cost incurred and the expected (or standard) variable overhead cost for the actual production volume.

Manufacturing Overhead

All indirect costs associated with the manufacturing process, excluding direct materials and direct labor.