Which of the following is the correct formula for measuring the efficiency variance?
A) Efficiency Variance = (Actual Quantity + Standard Quantity) - Standard Cost
B) Efficiency Variance = (Actual Quantity x Standard Quantity) / Standard Cost
C) Efficiency Variance = (Actual Quantity / Standard Quantity) x Standard Cost
D) Efficiency Variance = (Actual Quantity - Standard Quantity) x Standard Cost
D
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What will be an ideal response?
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On January 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $383,793. The journal entry to record the first interest payment using straight-line amortization is:
A. Debit Interest Expense $15,620.70; credit Premium on Bonds Payable $1,620.70; credit Cash $14,000.00. B. Debit Interest Expense $15,620.70; credit Discount on Bonds Payable $1,620.70; credit Cash $14,000.00. C. Debit Interest Expense $14,000.00; credit Cash $14,000.00. D. Debit Interest Payable $14,000.00; credit Cash $14,000.00. E. Debit Interest Expense $12,379.30; debit Discount on Bonds Payable $1,620.70; credit Cash $14,000.00.
Members of a limited-liability company (LLC) are not personally liable for the debts of the business
Indicate whether the statement is true or false