Only Not-For-Profit Organizations Follow FASB Guidelines AND Report the Equity

question 92

True/False

Only not-for-profit organizations follow FASB guidelines AND report the equity as unrestricted,temporarily restricted,or permanently restricted.

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Definitions:

Variable Overhead

Costs that vary in direct proportion to changes in the operational activity of a business, such as utility bills or raw material costs.

Budgeted Production

represents the amount of production planned for a future period as part of the budgeting process.

Standard Cost System

An accounting system that uses standard costs for cost control and decision making.

Materials Price Variance

The difference between the actual cost of materials and the expected cost at standard prices.