If a Variance Is Considered to Be Random or Not

question 8

True/False

If a variance is considered to be random or not expected to recur the appropriate management action is to delete the variance from the accounting records.

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Definitions:

Invoice Date

The date on which an invoice is issued, indicating when a transaction occurred.

Partial Payment

A payment made that is less than the full amount owed at that time.

Cash Discount

A Cash Discount is a reduction in the invoice price offered by a seller to a buyer for prompt payment of their bill.

Invoice Date

The specific date on which an invoice is issued, marking the point when payment terms are set and payment is expected to commence.