Expected Standards Generally Yield Unfavorable Variances

question 95

True/False

Expected standards generally yield unfavorable variances.

---

Definitions:

Current Liability

An obligation that is due to be paid within one year or within the normal operating cycle of the business, whichever is longer.

Expenses

The outflows or using up of assets as part of operations of a business to generate revenue.

Sales Tax Revenue

The income received by a government from the imposition of a tax on the sale of goods and services.

Sales Revenue

The earnings accumulated from the sale of products or services during a specific timeframe.