Which of the following is FALSE regarding variances? O A favorable variance, when it occurred, are debited to the related variance account. O Mathematically, an unfavorable variance has a positive value. O A variance is the remaining portion after subtracting the standard cost from the actu Favorable variances occur whenever actual prices or actual usage of inputs are lowe standard usage
Which of the following is FALSE regarding variances? O A favorable variance, when it occurred, are debited to the related variance account. O Mathematically, an unfavorable variance has a positive value. O A variance is the remaining portion after subtracting the standard cost from the actu Favorable variances occur whenever actual prices or actual usage of inputs are lowe standard usage
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Which of the following is FALSE regarding variances?
O A favorable variance, when it occurred, are debited to the related variance account.
O Mathematically, an unfavorable variance has a positive value.
O A variance is the remaining portion after subtracting the standard cost from the actual cost.
O Favorable variances occur whenever actual prices or actual usage of inputs are lower than standard prices or
standard usage.
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