In a Standard Cost System,a Favorable Variance Will Appear As

question 122

Multiple Choice

In a standard cost system,a favorable variance will appear as:

• A)a credit entry.
• B)a debit entry.
• C)either a debit or a credit entry.
• D)variances do not affect journal entries.

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Definitions:

Internal Locus

The belief that one's actions and outcomes are largely under personal control rather than being influenced by external forces.

Ethical Decision Making

The practice of appraising and opting for choices in a manner that is in agreement with ethical norms.

Difference Principle

A principle suggesting that societal inequalities are only justified if they benefit the least advantaged members of society.

Economic Equalities

The state or goal of fair distribution of wealth and resources among individuals or groups, aiming for minimized financial disparities.