A Remittance Advice Is

question 147

Multiple Choice

A remittance advice is:

• A) An explanation for a payment by check.
• B) A bank statement.
• C) A voucher.
• D) An EFT.
• E) A cancelled check.

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Definitions:

Selling and Administrative Cost

Expenses related to the selling of products and the general administration of a business, not including production costs.

Activity Rate

A measurement used in activity-based costing to allocate costs to specific activities, typically expressed as a cost per activity unit.

General Overhead

General overhead encompasses all indirect costs involved in running a business that are not directly tied to a specific product or service, such as utility expenses and salaries of administrative staff.

Unit Selling Price

The amount of money charged to the customer for a single unit of a product or service.