Nilson Company Gathered the Following Reconciling Information in Preparing Its

question 89

Multiple Choice

Nilson Company gathered the following reconciling information in preparing its August bank reconciliation: $$\begin{array} { l r } \text { Cash balance per books, } 8 / 31 & \$ 28,000 \\\text { Deposits in transit } & 1,200 \\\text { Notes receivable and interest collected by bank } & 6,800 \\\text { Bank charge for check printing } & 160 \\\text { Outstanding checks } & 16,000 \\\text { NSF check } & 1,360\end{array}$$ The adjusted cash balance per books on August 31 is

• A)$33280.
• B)$32080.
• C)$18400.
• D)$19680.

Understand the impact of actual vs. standard machine-hours on overhead variances.

Apply standard costing methods to recording transactions in a worksheet.

Analyze and interpret fixed and variable manufacturing overhead variances.

Apply standard cost variances to affect the Cost of Goods Sold.

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Definitions:

Protestants

Followers of Protestantism, a branch of Christianity that originated with the Reformation, characterized by rejection of the authority of the Pope and emphasis on the Bible.

Irish Catholics

refers to members of the Catholic Church who are ethnically Irish, a group that historically faced discrimination and played significant roles in the cultural and political life of countries like the United States.

Monetary Policy

The process by which a central bank or monetary authority manages supply of money, often targeting inflation or interest rates to ensure economic stability and growth.

Republicans

Individuals affiliated with the Republican Party in the US, emphasizing limited government, individual freedom, and fiscal conservatism.