When the Materials Price Variance Is Recorded at the Time

question 289

True/False

When the materials price variance is recorded at the time of purchase, raw materials are recorded as inventory at standard cost.

---

Definitions:

MA

Could refer to a Master of Arts degree, an academic qualification awarded upon completion of a course of study in the arts, humanities, or social sciences.

BA

An abbreviation commonly used for Bachelor of Arts, a type of undergraduate degree awarded in arts and sciences.

Market-Based Pay

A compensation approach where pay levels are determined by comparing the market rates for similar positions in the relevant labor market.

Skill-Based Pay

A compensation system where employees are paid based on their skills or knowledge levels, rather than their job title or position.