Asked by
Madalynn Strauss
on Oct 23, 2024
Verified
When using a standard costing system for recoding purposes, most companies will close the variance accounts by debiting finished goods.
Standard Costing System
An accounting system that assigns fixed costs to products based on standard assumptions about the production process.
Variance Accounts
Accounts used in managerial accounting to record the differences between actual costs and standard (budgeted) costs.
- Perceive the influence of genuine cost differences compared to benchmark costs within the realm of cost accounting.
Verified Answer
AM
Learning Objectives
- Perceive the influence of genuine cost differences compared to benchmark costs within the realm of cost accounting.
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