Multiple Choice
The following data have been provided by Liggett Corporation: 
Lubricants and supplies are both elements of variable manufacturing overhead.The variable overhead rate variance for supplies is closest to:
Comprehend the significance of timely financial information and its impact on decision-making.
Recognize the goals of GAAP in financial reporting and understand its importance.
Appreciate the impact of international financial reporting standards (IFRS) on global investing and accounting practices.
Understand the characteristics of accounting information, such as timeliness, consistency, and comparability.
Definitions:
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