Is the Accounting Practice of Recording Every Transaction in Two

question 216

Multiple Choice

is the accounting practice of recording every transaction in two places.

• A)Entry duplication
• B)Double-entry bookkeeping
• C)Trial balancing
• D)Account matching

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Definitions:

Cost Of Goods Sold

The direct costs attributable to the production of goods sold by a company, including both materials and labor costs.

Inventory

A company's stock of the goods available for sale to customers, as well as raw materials and work-in-progress that will be sold or finished in the future.

Fixed Overhead Volume Variance

The difference between the budgeted and actual fixed overhead costs attributable to a change in the volume of production or procurement.

Fixed Overhead Budget Variance

The difference between the actual fixed overhead costs incurred and the budgeted or standard fixed overhead costs.