Match Each Statement to the Appropriate Term (A-H)

question 15

Multiple Choice

Match each statement to the appropriate term (a-h) :
-Each partner may act on behalf of the entire partnership so that the liabilities created by one partner become the liabilities of all partners

• A)Deficiency
• B)Realization
• C)Proprietorship
• D)Partnership
• E)Mutual agency
• F)Liquidation
• G)Income-sharing ratio
• H)Statement of partnership equity

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Definitions:

Standard Rate

A predetermined cost or charge established for a particular good or service.

Direct Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected (or standard) quantity, multiplied by the standard cost per unit.

Standard Quantity

The expected or budgeted quantity of materials, labor, or overhead needed for production, based on norms or standards.

Actual Quantity

The real amount of inputs, such as raw materials or labor hours, consumed in the production process, as opposed to planned or standard quantities.