Trends in Recreation and Leisure Include All but

question 4

Multiple Choice

Trends in recreation and leisure include all but

• A)hands ^-on rides and attractions
• B)the blending of park experiences
• C)more VIP experiences in theme parks
• D)an increase in golf programs
• E)combining shopping and entertainment experiences

Distinguish between the principal and interest components of a promissory note.

Understand the advantages of promissory notes receivable over accounts receivable.

Apply the correct formula for calculating interest over different periods and using a standard 360-day year.

Record transactions involving promissory notes correctly in financial statements.

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Definitions:

Standard Machine-Hours

The estimated hours a machine is expected to operate under normal conditions.

Variable Overhead Efficiency Variance

The difference between the standard cost of variable overhead allocated for the actual output and the actual variable overhead incurred, reflecting efficiency in using resources.

Standard Machine-Hours

A predetermined measure of how many hours of machine time should be used for a given level of production output.

Standard Cost System

A system that assigns predetermined costs to products and services, used for setting budgets and measuring performance.