Akes Urban Diner Is a Charity Supported by Donations That

question 241

Essay

Akes Urban Diner is a charity supported by donations that provides free meals to the homeless. The diner's budget for August was based on 2,200 meals. The diner's director has provided the following cost data to use in the budget: groceries, $3.65 per meal; kitchen operations, $5,400 per month plus $1.85 per meal; administrative expenses, $2,900 per month plus $0.55 per meal; and fundraising expenses, $1,700 per month. The director has also provided the diner's statement of actual expenses for the month: Required:
Prepare a flexible budget performance report showing both the activity variances and the spending variances for each of the expenses and for total expenses for August. Label each variance as favorable (F) or unfavorable (U).

Distinguish between perfected and unperfected security interests and their priorities.

Understand the conditions under which a secured party can take possession of collateral and the options following a debtor's default.

Realize the implications of default and the rights of secured parties to repossess and dispose of collateral.

Grasp the concept of a security agreement and its role in secured transactions.