Which One of the Following Items Is a Classification on the Classified

question 182

Multiple Choice

Which one of the following items is a classification on the Classified Balance Sheet?

• A)operating accounts
• B)stockholders' equity
• C)revenues and expenses
• D)net income and dividends

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Definitions:

Variable Manufacturing Overhead

Expenses that vary with the level of production output, such as utilities and materials used in manufacturing.

Direct Labor-Hours

The overall hours logged by employees actively involved in the manufacture of a product or the rendering of a service.

Labor Efficiency Variance

A measure used in budgeting and accounting to evaluate the difference between the actual hours worked and the standard hours expected to complete a task.

Direct Materials Purchases Variance

The difference between the actual cost of direct materials purchased and the expected (or standard) cost, used in budgeting and cost management.