As a General Rule, Revenues Should Not Be Recognized in the Accounting

question 235

True/False

As a general rule, revenues should not be recognized in the accounting records until it is received in cash.

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Definitions:

October

The tenth month of the year in the Gregorian calendar, preceding November.

Variable Overhead Efficiency Variance

This is the difference between the expected (standard) cost of variable overheads based on actual production outputs and the actual variable overhead costs incurred.

Materials Quantity Variance

A measure of the difference between the actual quantity of materials used in production and the standard quantity expected to be used, multiplied by the standard cost per unit of materials.

August

The eighth month of the year in the Gregorian calendar.