Although Formal Entry of Standard Costs and Variances into the Accounting

question 28

True/False

Although formal entry of standard costs and variances into the accounting records is not required,some organizations make such entries in order to emphasize the importance of variances as well as to simplify the bookkeeping process.

---

Definitions:

Adverse Balance

A situation where a country's imports exceed its exports, leading to a negative balance of trade.

Foreign Trade

The exchange of goods, services, and capital between countries, crossing national borders.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, leading to widespread unemployment and poverty.

Stock Market Speculation

The act of trading stocks, commodities, or other financial instruments with the aim of making profits from short-term fluctuations in their prices, often involving high risk.