Which of the following statements is false?
a. Favorable variances are recorded in the general journal as debits and unfavorable variances are recorded as credits.
b. Variances are closed out at the end of each accounting period.
c. Only standard costs are recorded in the inventory accounts.
d. A variance is the difference between an actual cost and a standard cost.
a
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Social awareness advertisements - Some years before, the Benetton Group S.p.A. developed the United Colors of Benetton Campaign, originally to draw attention to prejudice against black people. The campaign broadened over time to include other
prejudices and consist of a series of shocking pictures published in unexpected venues. For example, there were pictures of a nun kissing a priest, a bombed car in a street, a white dog kissing a black lamb, an AIDS activist on his death bed in front of a picture of a crucified Christ, and a white girl portrayed with an angelic halo and a black boy with hair like horns. Is the Virgin campaign substantively different that the Benetton campaign of 1992?
Credits in the factory overhead account represent the actual overhead costs incurred
Indicate whether the statement is true or false
________ is a test statistic that measures the association between two ordinal-level variables. It makes an adjustment for ties and is most appropriate when the table of variables is not square but a rectangle
A) Tau b B) Symmetric lambda C) Tau c D) Gamma
Which of the following statements is TRUE of costing systems?
A) A process costing system would be used by manufacturers of custom-made perfumes. B) A job order costing system would be used by manufacturers of baking utensils. C) A construction company would likely use a process costing system. D) An accounting firm would likely use a job order costing system.