Like the Bylaws of Other Corporations, the Bylaws of Rocks

question 21

Multiple Choice

Like the bylaws of other corporations, the bylaws of Rocks, Paper & Scissors, Inc.,​

• A) ​establish the operating name of the corporation.
• B) ​establish the value and classes of corporate stock.
• C) ​were adopted at its first organizational meeting.
• D) ​were submitted for approval to the public official in charge.

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Definitions:

Predetermined Overhead Rate

The rate used to assign overhead costs to products or services based on a predetermined formula.

Fixed Component

The portion of total costs that remains constant, regardless of changes in activity level.

Variable Overhead

Costs of production that vary with the level of manufacturing activity or output, such as utilities and commissions, as opposed to fixed overhead costs.

Rate Variance

The difference between the actual rate paid for inputs and the standard rate expected, often related to labor or manufacturing overhead.