When Recording Variances in a Standard Cost System

question 71

Multiple Choice

When recording variances in a standard cost system:

• A) Only unfavorable material variances are debited.
• B) Only unfavorable material variances are credited.
• C) Both unfavorable material and labor variances are credited.
• D) All unfavorable variances are debited.
• E) All unfavorable variances are credited.

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Definitions:

Objective Science

Objective science pertains to the study of the natural world based on observable, measurable evidence, free from personal biases or emotions.

Conditioned Response

A learned reaction or response to a previously neutral stimulus after repeated association with an unconditioned stimulus.

Classical Conditioning

A learning process in psychology where two stimuli are repeatedly paired together until an individual associates them with each other, leading to a change in behavior.

CS

An abbreviation often used in psychology and neuroscience for "Conditioned Stimulus," a component of classical conditioning.