Which of the Following Statements Is/are True

question 98

Multiple Choice

Which of the following statements is/are true?

• A) Variances are temporary accounts.
• B) Variance accounts may be closed to cost of goods sold.
• C) Favourable variances are recorded as a credit entry.
• D) All of the given answers.

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the individual data points differ from the mean of the data set.

Significance Level

The threshold used in statistics to determine the probability of rejecting a null hypothesis when it is true.

Sample Mean

The average of a set of observations or data points, calculated by summing them all up and dividing by the number of observations.

Degrees Of Freedom

The number of independent values or quantities that can be assigned to a statistical distribution, often determining the shape of the distribution.