When Closing the Books for the General Fund, an Excess

question 41

True/False

When closing the books for the General Fund, an excess of revenues over expenditures and transfers out would be credited to Fund Balance.

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Definitions:

Standard Cost

A predetermined cost of manufacturing, which is often used for budgeting and measuring performance.

Purchase Price Variances

The difference between the actual cost of purchased inventory and its standard or expected cost.

Currently Attainable Standard

This refers to a standard or benchmark that can be achieved under current operating conditions with reasonable efficiency.

Unfavorable Cost Variance

A variance that occurs when the actual cost exceeds the standard cost.