An Electronic Funds Transfers System ________

question 210

Multiple Choice

An electronic funds transfers system ________.

• A) does not include debit card transactions
• B) is seldom used by businesses
• C) transfers cash by electronic communication rather than by paper documents
• D) uses forms such as checks and deposit tickets to transfer cash

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Definitions:

Rate Variance

The difference between the standard cost and the actual cost based on the rate of an input.

Direct Labor Time Variance

The difference between the actual time taken to produce a good or service and the expected time, multiplied by the standard labor rate.

Direct Materials Quantity Variance

A measure of the difference between the actual quantity of materials used in production and the standard expected quantity.

Direct Labor Time Variance

The difference between the actual time taken to manufacture a product and the standard time expected, multiplied by the wage rate.