The Owner of the Business Would Like to See Both

question 79

Multiple Choice

The owner of the business would like to see both the debit and credit entry for a specific transaction,he would look in

• A) the chart of accounts.
• B) the journal.
• C) the source document.
• D) the ledger.

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Definitions:

Favorable

A term used in accounting and finance to indicate that actual costs were lower than planned or budgeted costs.

Standard Cost System

An accounting system that uses standard costs for products or services for the purpose of controlling costs and assessing operational performance.

Standard Direct Labor-Hours

The estimated amount of labor hours required to produce a unit of product, used in budgeting and variance analysis.

Denominator Level

The activity level used to compute a predetermined overhead rate, often reflecting capacity or expected usage.