Most of the Information in Your Credit File May Be

question 79

Multiple Choice

Most of the information in your credit file may be reported for only ________ years.

• A)7
• B)9
• C)11
• D)13
• E)15

Differentiate between the employer's and employees' portions of payroll taxes.

Apply knowledge of payroll accounting to prepare general journal entries for payroll transactions.

Recognize the regulations and conditions under which certain payroll taxes must be deposited.

Analyze the reporting requirements and significance of payroll-related forms (e.g., Form 941, Form SS-4).

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Definitions:

Controllable Variance

The difference between expected and actual costs that managers have the power to influence directly.

Direct Labor Rate Variance

This refers to the difference between the actual cost of labor and the expected (or standard) cost of labor used in producing goods.

Direct Labor

The cost of wages for workers who are directly involved in the production of goods or the delivery of services.

Variable Overhead Efficiency Variance

The difference between the standard cost of variable overheads allocated for actual production and the actual variable overheads incurred, used to assess efficiency in controlling variable overhead costs.