If at the End of the Fiscal Year, the Variances

question 39

Multiple Choice

If at the end of the fiscal year, the variances from standard are significant, the variances should be transferred to the

• A) work in process account
• B) cost of goods sold account
• C) finished goods account
• D) work in process, cost of goods sold, and finished goods accounts

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Definitions:

State Unemployment

Government-provided assistance for individuals who have lost their jobs and meet certain eligibility requirements.

Compensation Tax

Taxes applied on income, especially income generated from work or compensation for services.

Labor Department

A government body responsible for overseeing employment laws, workplace safety, and labor statistics.

Unemployment Insurance

A government-provided insurance that offers temporary financial assistance to workers who have lost their jobs through no fault of their own.