The Following Data Pertains to the Direct Materials Cost for the Month

question 11

Multiple Choice

The following data pertains to the direct materials cost for the month of October:
$$\begin{array} { | l | l | } \hline \text { Standard costs } & 5,000 \text { units allowed at } \$ 20 \text { each } \\\hline \text { Actual costs } & 5,050 \text { units input at } \$ 19 \text { each } \\\hline\end{array}$$ What is the direct materials efficiency (quantity) variance?

• A) $950 favorable.
• B) $950 unfavorable.
• C) $1,000 favorable.
• D) $1,000 unfavorable.

Know how Customer Transactions are handled and documented in QBO.

Grasp the concept and application of double entry accounting.

Understand the process of entering transactions into QBO and the implications on financial records.

Recognize the importance of regularly updating QBO Lists and the Chart of Accounts for accurate financial tracking.

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Definitions:

Competition

refers to the rivalry between individuals, teams, or organizations, aiming for the same objective or superiority in a specific area.

Self-Talk

The inner voice or dialogue that a person has with themselves, influencing their thoughts, feelings, and behavior.

Gunny-Sacking

The unhealthy practice of silently collecting grievances or emotional baggage and then suddenly releasing them in an overwhelming outburst.

Rapport

A close and harmonious relationship in which the people or groups understand each other's feelings or ideas and communicate well.