Divisions Require No Special Journals or Linked Accounts but Will

question 9

Multiple Choice

Divisions require no special journals or linked accounts but will do the following -

• A)allocate only revenues
• B)allocate only expenses
• C)allocate revenues as well as expenses
• D)allocate the total invoice amount for a purchase

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Definitions:

Labor

Labor refers to the human effort, both physical and mental, used in the production of goods and services.

Output

The quantity of goods or services produced in a given time period by a firm, industry, or economy.

Cost

Cost pertains to the value of economic resources used in the production of goods or services, often reflected in terms of money expended.

Units

Basic quantities or measurements, such as pieces or portions, used in economic analyses to quantify variables.