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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INCORRECT ACCEPTANCE, in accounting, is the risk the sample supports the conclusion that the recorded balance is not materially misstated when it is materially misstated.

PERSONAL ACCOUNTS represents money due to or due from a person or group of persons. For example, Accounts Payable - Suppliers is a personal account since this amount is payable to a supplier/suppliers.

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