Differences Between Actual Costs and Standard Costs Are Known as ________

question 144

Short Answer

Differences between actual costs and standard costs are known as ________. These differences may be subdivided into ________ and ________.

---

Definitions:

Year-End Adjustment

Accounting entries made at the end of an accounting period to update accounts for accurate financial reporting.

Insurance Policy

A contract between an insurer and a policyholder that outlines the terms under which the insurer agrees to compensate the policyholder for specific losses.

Net Income

The total profit of a business after all expenses, taxes, and costs have been subtracted from total revenue.

Adjusted Trial Balance

A trial balance prepared after adjusting entries are made, used to verify the balance of debits and credits.