Favorable Variances Are Credits and Unfavorable Variances Are Debits

question 203

True/False

Favorable variances are credits and unfavorable variances are debits.

---

Definitions:

Long-term Memory

A type of memory that can store an unlimited amount of information for a potentially indefinite length of time.

Sensory Memory

The shortest-term element of memory, it allows the ability to retain impressions of sensory information after the original stimuli have ended.

Chunking

Chunking is a cognitive strategy for organizing information into manageable units or chunks, making it easier to process and remember.

7 Plus or Minus 2 Rule

A cognitive principle suggesting that the average person can hold 5 to 9 items in their working memory.