When a Depositary Bank Receives a Check,it Must Present the Check

question 6

True/False

When a depositary bank receives a check,it must present the check at the payor bank and cannot send it through intermediary banks to reach the payor bank.

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Definitions:

Labor Efficiency Variance

The difference between the actual labor hours used and the expected (standard) labor hours for the level of production, multiplied by the standard labor rate.

Direct Materials

The raw materials that can be directly attributed to the production of a product and are a part of the finished product.

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the expected (standard) cost based on the actual level of activity.

Materials Price Variance

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