If the Bank Reconciliation Includes a Bank Service Charge,a Journal

question 167

True/False

If the bank reconciliation includes a bank service charge,a journal entry is required,which debits Bank Expense and credits Cash.

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Definitions:

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the quantity expected, multiplied by the standard cost per unit.

Standard Quantity

The expected amount of materials or input needed to produce a unit of output.

Actual Materials

The actual amount of materials used in the production process, measured in physical units or cost.

Standard Price

A predetermined cost for a unit of material, labor, or overhead anticipated in the budgeting process, against which actual costs are compared.