When Computing a Price Variance, the Quantity Is Held Constant

question 131

True/False

When computing a price variance, the quantity is held constant.

---

Definitions:

Miscellaneous Expense

Small, often irregular costs that do not fit well into other categories of a budget or financial statement.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary accounts’ balances to permanent ones, resetting the temporary accounts for the next period.

Journalized

The process of recording transactions in a company's journal, marking the first step in the accounting process.

End-Of-Period Spreadsheet

A financial statement prepared at the conclusion of an accounting period, summarizing the income, expenses, and adjustments to accounts.