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Which of the following is FALSE regarding variances? A) Favorable variances occur whenever actual prices or actual usage of inputs are lower than standard prices
Which of the following is FALSE regarding variances?
A) Favorable variances occur whenever actual prices or actual usage of inputs are lower than standard prices or standard usage.
B) A favorable variance, when it occurred, are credited to the related variance account.
C) A variance is the remaining portion after subtracting the actual cost from the standard cost.
D) Mathematically, a favorable variance has a negative value.
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