Circulating Private Bank Notes

question 22

Multiple Choice

Circulating private bank notes

• A)are still currently in use in Canada.
• B)were only widely used in Canada after World War II.
• C)have never been used in Canada.
• D)were only widely used in Canada during the Great Depression.
• E)were widely used in Canada prior to 1935.

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Definitions:

Denominator Level

In cost accounting, it refers to the standard quantity or activity used in calculating the predetermined overhead rate.

Variable Overhead Rate

The rate at which variable overhead costs are allocated to products, changing with the level of production.

Efficiency Variance

A measure in cost accounting that calculates the difference between the actual quantity of input used and the standard amount expected to be used, multiplied by the standard price.

Budget Variance

The difference between budgeted or planned financial performance and the actual performance.