Which of the Following Statements Is False

question 56

Multiple Choice

Which of the following statements is false?

• A) The typical B/AR/CR system assists in preparing internal and external reports.
• B) Cash receipts can be accelerated by using some form of EFT.
• C) The two types of adjustments that commonly result from a periodic review of the aging details of customer account balances are a recurring entry for estimated bad debts and a bad debt write-off.
• D) Cash receipts events data are comprised of one or more invoice records.

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Definitions:

Variable Overhead Efficiency Variance

The difference between the actual variable overhead and the standard cost of variable overhead allocated for the actual production.

Supplies Cost

The cost associated with materials and items used in the operation or maintenance of a business or facility.

Machine-Hours

A measure of the amount of time a machine is operated, used for allocating machine operation costs to products or units produced.

Direct Labor Variances

The differences between the budgeted and actual costs of direct labor, analyzed to understand deviations in manufacturing expenses.