The Following Is an Extract from a Budgetary Control Report

question 11

Multiple Choice

The following is an extract from a budgetary control report for the latest period: 11ec37eb_8bae_9833_97b9_1fd3c29e0753__00 The budget variance for prime cost is:

• A) $3,260 adverse
• B) $18,580 adverse
• C) $3,340 adverse
• D) $3,260 favourable

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Definitions:

Ordinary Annuity

Like payments executed after every period close throughout an agreed length.

Periodic Payment

Recurrent payments made at regular intervals over a period of time, such as monthly mortgage or rent payments.

Ordinary Annuity

Regular payments of the same amount made at fixed intervals, where interest is added to the total at the end of each period.

Periodic Payment

Payments that are made regularly at set intervals, such as monthly or annually, often seen in loans and annuities.