100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Summary QuestionWhen recording journal entries for production costs using a standard cost accou $7.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Ashford University
  4.  
  5. ACC 205

Summary

Summary QuestionWhen recording journal entries for production costs using a standard cost accou
 0 view  0 purchase

When recording journal entries for production costs using a standard cost accounting syste1QuestionWhen recording journal entries for production costs using a standard cost accounting system, the favorable variances are recorded as ______ and the unfavorable variances are recorded as ______. ...

[Show more]

Preview 1 out of 3  pages

Document information

  • October 13, 2024
  • 3
  • 2024/2025
  • Summary

Subjects

  • which i
  • when recording journal entries for production cost
  • the favorable variances are recorded as an
  • debits credits creditsanswer explanationin a s
  • variances are recorded to reflect the differences

Written for

All documents for this subject (71)

Seller

avatar-seller
newage

Reviews received

Content preview

Question


When recording journal entries for production costs using a standard cost

accounting system, the favorable variances are recorded as ______ and the

unfavorable variances are recorded as ______. Multiple choice question. debits;

credits credits; debits debits, debits credits; credits




Answer & Explanation


In a standard cost accounting system, variances are recorded to reflect the

differences between actual costs and standard costs.


 Favorable variances occur when actual costs are less than standard costs,

which is beneficial for the company. These are recorded

as credits because they represent a reduction in expenses or an increase

in income.


 Unfavorable variances occur when actual costs exceed standard costs,

which is detrimental to the company. These are recorded

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller newage. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78252 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart