USGAAP and IFRS Do Not Require Firms to Disclose the Fair

question 43

True/False

U.S.GAAP and IFRS do not require firms to disclose the fair value of long-term notes and bonds in notes to the financial statements.

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Definitions:

Materials Price Variance

The difference between the actual cost of materials purchased and the expected cost at standard pricing, indicating cost management efficiency.

Standard Quantity

The predetermined amount of materials or inputs that should be used in the production of a single unit of goods, serving as a benchmark for efficiency.

Actual Output

The real production quantity completed within a specific period.

Standard Price

The pre-determined cost that is expected to be paid for a specific item or service under normal conditions.