​Match the Accounting Terminology with Its Definition and Example

question 15

Multiple Choice

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The section of the balance sheet is determined by three items: revenues,expenses,and dividends

• A)accounts payable
• B)​assets
• C)​corporation
• D)​cost
• E)​economic entity assumption
• F)​liabilities
• G)​market value
• H)​monetary unit assumption
• I)​note payable
• J)​(paid-in)capital
• K)​partnership
• L)​proprietorship
• M)​retained earnings
• N)stockholders' equity

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Definitions:

Cost Ledger

A ledger that keeps track of the costs of production, including direct materials, direct labor, and manufacturing overhead.

Jobs Shipped

The completed work projects or orders that have been sent to the customer.

Finished Goods

Products that have completed the manufacturing process and are ready to be sold.

Factory Overhead Costs

All indirect costs associated with manufacturing, including utilities, rent, and salaries for employees not directly involved in production.