Smithj Kennel Uses Tenant-Days as Its Measure of Activity;an Animal

question 157

Multiple Choice

Smithj Kennel uses tenant-days as its measure of activity;an animal housed in the kennel for one day is counted as one tenant-day.During February, the kennel budgeted for 3, 500 tenant-days, but its actual level of activity was 3, 490 tenant-days.The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for February: Data used in budgeting: Actual results for February: The spending variance for food and supplies in February would be closest to:

• A)$1, 040 U
• B)$1, 040 F
• C)$949 F
• D)$949 U

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Definitions:

Formal Credit Instrument

A legal document that represents an agreement to extend credit, specifying the terms under which credit is provided and must be repaid.

Maturity Date

The specified date on which the principal amount of a financial instrument is due to be paid in full.

Note's Issue Date

The date on which a promissory note or bond is issued, marking the beginning of the obligation.

Due Date

The due date is a specific date by which an obligation, such as a payment or task, must be completed.