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:

Intermediate Magmas

Magmas that have a composition between felsic and mafic, typically associated with andesitic volcanic eruptions.

Magma Systems

Complex underground networks of magma chambers and conduits through which magma moves beneath the Earth's surface.

Magma Chambers

Underground cavities filled with magma that feed volcanic eruptions and are found beneath the Earth's surface.

Continental Collisions

The process where two continental plates collide, leading to the formation of mountain ranges and seismic activity.