Which Statement Best Fits as a Description of the U

question 36

Multiple Choice

Which statement best fits as a description of the U.S. a.General Mining Law of 1872?

• A)Land could be purchased at market price for purposes of extracting minerals.
• B)A statement had to be made by the prospective owner that the land likely contains hard rock miners.
• C)A statement had to be made by the prospective owner that $500 would be spent to improve the land for mineral development.
• D)$120 per year had to be paid each year for a 20-acre parcel.
• E)All of these except land could be purchased at market price for purposes of extracting minerals.

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Definitions:

Direct Material Price Variance

The difference between the actual cost of direct materials and the standard cost multiplied by the actual quantity used.

Costs Of Goods Sold

Direct costs attributable to the production of goods sold by a company, including materials and labor, but excluding indirect expenses such as sales and distribution costs.

Standard Costs

Benchmark costs established for the purpose of assessing financial performance and identifying variances in production or operations.

Controlling Costs

The process of monitoring and managing expenses to ensure they do not exceed budgeted amounts.