Which of the Following Describes Involuntary Bailment

question 61

Multiple Choice

Which of the following describes involuntary bailment?

• A)Someone is forced to provide bail.
• B)The bailor sells the goods to compensate for storage costs.
• C)Goods have been left without permission.
• D)The borrower refuses to return goods.
• E)The bailee refuses to claim the stored goods.

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Definitions:

Volume Variance

The difference between planned production volumes and actual production volumes, and its effect on budgeted costs.

Variable Overhead

Costs that fluctuate with changes in production level or activity, such as utilities or materials, within the manufacturing overhead category.

Rate Variance

It is the difference between the actual rate paid for an item or service and the expected (standard or budgeted) rate, often used in budgeting and cost management.

Predetermined Overhead Rate

A rate calculated before a period begins, used to assign overhead costs to products or job orders based on a certain activity, such as machine hours or labor hours.