Recording Transactions to Control Accounts in a Costing System Are

question 51

Multiple Choice

Recording transactions to control accounts in a costing system are made

• A)monthly.
• B)daily.
• C)annually.
• D)semi-annually.

---

Definitions:

Volume Variance

A measure of the difference between the expected (budgeted) volume of sales or production and the actual volume, used in cost accounting and financial analysis.

Budget Variance

The difference between the budgeted or planned financial activity and the actual financial performance.

Volume Variance

The difference between the expected amount of output at the standard cost and the actual amount produced, measured at the standard cost.

Direct Labor-Hours

A measure of the total hours worked directly on the production of goods.