Direct Material Price Variance Is Likely to Be Unfavorable If

question 52

True/False

Direct material price variance is likely to be unfavorable if the purchasing manager switched to a lower-price supplier.

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Definitions:

Biological Transformation

refers to the process through which living organisms undergo changes in their physical or chemical structure, such as growth, reproduction, or decay, often used in the context of agriculture or environmental science.

AASB 141

An Australian Accounting Standards Board regulation concerning agriculture, guiding the accounting for agricultural activity and assets.

IAS 41

The International Accounting Standard on Agriculture, concerning the accounting for agricultural activity and the management of biological assets and agricultural produce.

Market Value

The current price at which an asset or service can be bought or sold in the market.