Variance Accounts are
A) Temporary accounts
B) Closed at the end of each account period
C) Usually closed into Cost of Goods Sold
D) All of the Above

Question

Quizplus · Accepted Answer

Variance accounts are temporary accounts that are closed at the end of each accounting period, and they are usually closed into the Cost of Goods Sold account to adjust the cost of goods for the variances recorded during the period.

Variance Accounts Are