Which of the Following Forms Is Used to Report an Independent

question 68

Multiple Choice

Which of the following forms is used to report an independent contractor's compensation?

• A)941
• B)W-2
• C)W-3
• D)1099-Misc.

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Definitions:

Labor Efficiency Variance

The variance between the actual number of labor hours utilized and the anticipated standard labor hours for the achieved production volume.

Raw Materials Inventory

The stock of materials on hand that are used in the manufacturing process to produce goods.

Transaction (b)

Likely refers to a specific, numbered transaction within a set of financial records or accounting entries, without additional context provided.

Production

The process of creating goods and services through the combination of labor, materials, and technology.