All of the Following Items Are Liabilities with Priority Except

question 54

Multiple Choice

All of the following items are liabilities with priority except:

• A) Obligations arising between the date an order of relief is issued and the date of final realization of assets.
• B) Employee claims for contributions to benefit plans earned more than 180 days preceding the filing of a petition, limited to $12,475 per individual.
• C) Government claims for unpaid taxes.
• D) Claims for the return of deposits made by customers to acquire property or services, which were never delivered or provided by the debtor, limited to $2,775.
• E) Claims for administrative expenses in preserving and liquidating the company.

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Definitions:

Direct Materials

Raw materials directly traceable and assignable to a manufactured product as it is being produced.

Direct Labour

The labor costs directly attributable to the production of goods or the provision of services.

Materials Price Variance

The difference between the actual cost of materials and the standard cost, indicating how much was saved or overspent on materials.

Direct Material Used

Direct material used refers to the raw materials that are directly incorporated into a product being manufactured.