A firm writes a check each day in the amount of $700. The checks take three days to clear and the company keeps $700 in the account according to the bank. How much float do they have?

		Gross float = $2,100.
		Net float = $700.
		Net float = $0.
		Gross float = $1,400.

You expected to provide 100 meals at a cost of $5 per meal. You actually provided 120 meals at a cost of $4 per meal. Price variance is:

		$120 favorable.
		$100 favorable.
		$20 favorable.
		unfavorable.

A for-profit company showed net income of $45,000 and paid dividends of $20,000. This tells us that they would report a

		$25,000 increase in retained earnings.
		$65,000 increase in retained earnings.
		$25,000 decrease in common stock.
		$25,000 decrease in liabilities.

Answer rating: 100% (QA)

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