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 Favorable variances occur whenever actual prices or actual usage of inputs are lower than standard prices or standard usage. O A variance is the remaining portion after subtracting the standard cost from the actual cost.

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 Favorable variances occur whenever actual prices or actual usage of inputs are lower than standard prices or standard usage. O A variance is the remaining portion after subtracting the standard cost from the actual cost.

Name: Which of the following is FALSE regarding variances?O A favorable var
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Description: Which of the following is FALSE regarding variances?O A favorable variance, when it occurred, are debited to the related varianceaccount.O Mathematically, an unfavorable variance has a positive value.O Favorable variances occur whenever actual price

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7MC: When is the material price variance unfavorable? A. when the actual quantity used is greater than...

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