Asked by
Himanshu Sonar
on Nov 17, 2024Verified
At the end of the fiscal year, the variances from standard are usually transferred to the finished goods account.
Variances From Standard
The differences between actual costs and the standard (expected) costs set by a company for its products or processes.
Finished Goods Account
An accounting ledger where the value of a company's inventory of products that are complete and ready for sale is recorded.
- Comprehend the principles behind standard costs and their application in budgetary planning and variance examination.
- Utilize variance analysis techniques to evaluate the effectiveness of operations.
Verified Answer
JR
Learning Objectives
- Comprehend the principles behind standard costs and their application in budgetary planning and variance examination.
- Utilize variance analysis techniques to evaluate the effectiveness of operations.
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