The Record of All Accounts and Their Balances Used by a Business

question 23

Multiple Choice

The record of all accounts and their balances used by a business is called a:

• A)Journal.
• B)Book of original entry.
• C)General Journal.
• D)Balance column journal.
• E)Ledger.

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Definitions:

Materials Quantity Variance

The financial difference between the actual quantity of materials used in production and the expected quantity, based on standard costs.

February

The second month of the year, often associated with cold weather in the Northern Hemisphere and used as a time period reference in accounting.

Materials Price Variance

The difference between the actual cost of materials and the expected (or standard) cost.

March

The third month of the year in the Gregorian calendar.