When Payment Is Received by Mail,a Detailed List of Such

question 176

Multiple Choice

When payment is received by mail,a detailed list of such receipts would not be retained by the

• A) person who opens the mail.
• B) accounting department.
• C) receiving department.
• D) cashier.

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Definitions:

Direct Labor Hours

The total hours worked by employees directly involved in the production of goods or services.

Total Materials Variance

The difference between the standard cost of materials supposed to be used for the products and the actual cost of materials used.

Price Standard

A predetermined cost that companies use to measure the variance between the expected and actual cost.

Materials Price Standard

A predetermined cost per unit of material, used as a benchmark to assess the efficiency and cost-effectiveness of the purchasing and usage of materials in production.