What Did the National Bank Act of 1863 Do

question 100

Multiple Choice

What did the National Bank Act of 1863 do?

• A) It created a national bank in each Confederate state.
• B) It established criteria by which a bank could get a federal charter and issue national bank notes.
• C) It declared that it was a conflict of interest, and therefore illegal, for federally chartered banks to purchase federal war bonds.
• D) It tied the value of Confederate currency to the price of cotton on the European market.
• E) It took the Union off the gold standard.

Determine the predetermined overhead rate based on different bases (direct labor cost, direct labor hour, direct materials cost).

Record transactions and events using a job order costing system.

Determine the cost of direct materials used in production when given finished goods information.

Understand and perform journal entries related to job order costing, including adjusting entries for over- or underapplied overhead.

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