USAGE VARIANCE Definition

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USAGE VARIANCE is the difference between the budgeted quantity of materials and the actual quantity used.

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CALL PRICE is the price at which a bond is callable prior to maturity, often at a small premium over par value.

CASH IN TRANSIT is cash being transferred from one business to another or between two parts of the same business. If it is not recorded as an asset in either an adjusting entry may be necessary.

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