If at the End of the Fiscal Year the Variances

question 151

Multiple Choice

If at the end of the fiscal year the variances from standard are significant, the variances should be transferred to the:

• A) work in process account only
• B) cost of goods sold account only
• C) finished goods account only
• D) work in process, cost of goods sold, and finished goods accounts

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Definitions:

Synopsis or Abstract

A brief summary of the content of a document or presentation, often used to give a quick overview of its main points.

Report

A document that presents information in an organized format for a specific audience and purpose.

Overview

A general summary or survey of a topic, providing a broad understanding without going into detailed analysis.

Work Plan Section

A component of a project or business plan that outlines the tasks, timelines, and resources needed to achieve objectives.