Resources That Are Expected to Yield Future Benefits Are

question 84

Multiple Choice

Resources that are expected to yield future benefits are:

• A) Assets.
• B) Revenues.
• C) Liabilities.
• D) Owner's Equity.
• E) Expenses.

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Definitions:

Variance Analysis

The process of investigating the difference between actual financial performance and budgeted or standard costs to identify the causes of variances.

Management By Exception

The review of budget reports by top management focused entirely or primarily on differences between actual results and planned objectives.

Materials Quantity Variance

The difference between the expected quantity of materials to be used in production and the actual quantity used, calculated in terms of cost.

Standard Quantity

The expected amount or volume of a specific input or material required in the production of goods or services.