An Account Is a Record of Increases and Decreases in a Specific

question 252

True/False

An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.

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Definitions:

Standard Costs

Predetermined cost estimates used for budgeting purposes and measuring performance, often seen as benchmarks for the actual costs of production.

Variance

The difference between planned, budgeted, or standard cost and actual cost in accounting.

Standard Costs

The predetermined costs of manufacturing a product or providing a service, used for budgetary and performance evaluation purposes.

Standard Cost

A predetermined cost of manufacturing, serving, or marketing an item, which includes direct labor, direct material, and overhead charges.