What Official Is Appointed by Creditors to Act on Their

question 61

Multiple Choice

What official is appointed by creditors to act on their behalf and supervise the actions of the trustee in bankruptcy?

• A) an insolvency trustee
• B) a receiver
• C) an inspector
• D) a trustee in bankruptcy

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Definitions:

Labor Rate Variance

A metric used to measure the difference between the actual rate paid to workers and the expected (or standard) rate.

Direct Labor

The labor cost attributed directly to the production of goods or services.

Standard Cost

A predetermined cost of manufacturing a single unit or a number of units of a product, calculated for managerial accounting purposes.

Materials Quantity Variance

A measure of the difference between the actual quantity of materials used in production and the expected quantity, multiplied by the standard cost per unit.