All of the Following Are Items That Cause a Difference

question 49

Multiple Choice

All of the following are items that cause a difference between the bank balance and the book balance except

• A) NSF checks.
• B) deposits in transit.
• C) outstanding checks.
• D) canceled checks.
• E) bank service charges.

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Definitions:

Labour Efficiency Variance

A measure used in budgeting and accounting to analyze the difference between the actual hours worked and the standard hours expected for a task.

Critical Values

Specific points on a statistical distribution that are used to decide whether to reject the null hypothesis in hypothesis testing.

Materials Account

An account used to track the cost of raw materials that are bought and used during production processes.

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company’s balance sheet.