If Actual Expenses Are Less Than Expected Expenses,the Expense Variance

question 52

True/False

If actual expenses are less than expected expenses,the expense variance will be unfavorable.

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Definitions:

Book Value

The net value of an asset as recorded on the balance sheet, calculated as the original cost minus accumulated depreciation or amortization.

Salaries Payable

An account that represents the amounts owed to employees for work performed that has not yet been paid.

Salary Expense

The total amount paid by a business to its employees for the work done over a specific period, often monthly or annually.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.