Which of the following statements is(are) true?(A) A favorable variance is not necessarily good, and an unfavorable variance is not necessarily bad.(B) The master budget includes operating budgets (e.g., production budget) and financial budgets (e.g., cash budget).
A. Only A is true.
B. Only B is true.
C. Both of these are true.
D. Neither of these is true.
Answer: C
You might also like to view...
The document that a bank must fill out quarterly, reporting its assets, liabilities, and profits to the government, is called a
A. balance-sheet analysis. B. P&L statement. C. white paper. D. call report.
Which work sheet columns should contain "key letters"?
a. Adjustments b. Adjusted Trial Balance c. Trial Balance d. Balance Sheet
According to a series of scientific studies, most managers spend the majority of their day:
a. Talking b. Listening c. Writing d. A and B e. B and C
Fitzpatrick Company had $500 of accrued salary expenses that will be paid during the following accounting period. How would the related adjusting entry be recorded in the company's T-accounts?
A.
| Salaries Expense | |
| 500 | |
| Cash | |
| 500 | |
B.
| Salaries Expense | |
| 500 | |
| Salaries Payable | |
| 500 | |
C.
| Cash | |
| 500 | |
| Salaries Expense | |
| 500 | |
D.
| Salaries Payable | |
| 500 | |
| Salaries Expense | |
| 500 | |