A Corporation Established for Charitable, Public (Scientific, Literary, or Educational)

question 41

Multiple Choice

A corporation established for charitable, public (scientific, literary, or educational) , or religious purposes or for mutual benefit (trade associations, tennis clubs) , as recognized by federal and state laws, is a ____. ​

• A)nonprofit corporation
• B)joint venture
• C)syndicate operation
• D)limited partnership
• E)sole proprietorship

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Definitions:

Direct Materials Quantity Variance

A measure that evaluates the efficiency with which direct materials are used during production, calculated as the difference between the standard quantity of materials and the actual quantity used.

Malfunctioning Equipment

Equipment that is not operating correctly or efficiently, potentially causing operational delays and additional expenses for repair or replacement.

Spoilage of Materials

Wastage or damage of raw materials during production that cannot be recovered or used.

Direct Labor Time Variance

The difference between the expected (or standard) time to produce goods and the actual time taken, often used in cost control.