Disbursement Checks Generally Include a Stub, Similar to a Payroll

question 65

True/False

Disbursement checks generally include a stub, similar to a payroll check stub, which identifies the vendor invoice number and the invoice(s) being paid.

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Definitions:

Standard Cost Sheet

A document that outlines the expected costs associated with the production of a product, including materials, labor, and overhead.

Labor Price Variance

The difference between the actual cost of direct labor and the standard cost of labor that was expected during a period.

Labor Quantity Variances

The difference between the actual hours worked and the standard hours expected for the actual production level, valued at the standard labor rate.

Variance Report

A document that compares actual financial performance to budgeted or planned financial performance, identifying differences.