Which of the Following Represents Amounts Owed for Goods, Supplies

question 66

Multiple Choice

Which of the following represents amounts owed for goods, supplies, or services purchased?

• A) bonds payable
• B) accounts payable
• C) customer -related payable
• D) liability for compensated absences

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Definitions:

Revenue Variance

The difference between actual revenue and budgeted or forecasted revenue.

Revenue And Spending Variances

The differences between the actual amounts of revenue and spending and their budgeted or forecasted amounts, analyzed for budget control.

Flexible Budget

A flexible budget is an estimation tool that adjusts for changes in the volume of activity, allowing for a more realistic comparison of actual to budgeted performance.

Materials Quantity Variance

A metric measuring the difference between the actual quantity of materials used in production and the expected quantity, multiplied by the standard cost per unit.