An Internal Report That Compares Actual Cost and Sales Amounts

question 99

Multiple Choice

An internal report that compares actual cost and sales amounts with budgeted amounts and identifies the differences between them as favorable or unfavorable variances is called a:

• A) Performance report.
• B) Production report.
• C) Budget report.
• D) Variance report.
• E) Standard report.

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Definitions:

Tax-Exempt Dividends

Dividends that are paid by investments in municipal bonds or certain mutual funds which are not subject to federal income tax.

Corporate Dividends

Payments made by a corporation to its shareholders, usually derived from the company's profits.

Taxable

Pertaining to income, transactions, or assets that are subject to tax by governmental authorities.

Stock Split

A corporation’s decision to increase the number of its outstanding shares, thus reducing the share price.