What Is the Effect of the Designation,"Hiro Murakami,without Recourse

question 57

Multiple Choice

What is the effect of the designation,"Hiro Murakami,without recourse?"

• A)It has no effect on anyone,including,but not limited to,any subsequent holder.
• B)It has no effect on any subsequent holder.
• C)It means that Hiro Murakami does not provide any guarantees to subsequent holders if the instrument is later dishonored.
• D)It means that Hiro Murakami is providing that neither he nor the person who transferred the instrument to him can be held further liable to any subsequent holder.
• E)It means that Hiro Murakami is providing that any subsequent holder cannot be held liable.

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Definitions:

Overhead Volume Variance

A measure used to evaluate the difference between expected and actual overhead costs, based on the volume of goods produced.

Materials Price Variance

The difference between the actual cost of materials used in production and the standard cost that was expected or budgeted.

Materials Quantity Variance

The difference between the actual amount of materials used in production and the standard amount expected, measured in terms of cost.

Labor Price Variance

The difference between the actual cost of direct labor and the standard or expected cost.