The Chart of Accounts Is a List of All the Accounts

question 87

True/False

The chart of accounts is a list of all the accounts used by a company and a corresponding identification number.

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Definitions:

Budget Variance

Budget variance is the difference between the budgeted or planned amount of expense or revenue and the actual amount incurred or earned.

Standard Cost System

An accounting framework where predetermined costs are used for valuing inventories and measuring cost variances.

Volume Variance

Volume variance reflects the difference between the expected number of units produced or sold and the actual units produced or sold, impacting costs and revenue.

Budget Variance

The difference between the budgeted or planned amounts and the actual amounts incurred, used for financial analysis and control.