If the Balance of Over or Under Applied for the Period

question 25

Multiple Choice

If the balance of over or under applied for the period is immaterial, it should be:

• A) pro-rated over cost of sales, and finished goods
• B) assigned to cost of sales
• C) carried forward to become the opening balance in the next accounting period
• D) pro-rated over cost of sales, work in process and finished goods

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Definitions:

Kubler-Ross

Kubler-Ross refers to Elisabeth Kübler-Ross, a psychiatrist known for her pioneering work on the five stages of grief.

Adjustment

The psychological process of adapting or coping with new, challenging, or changing environments or situations.

Dying

The process of approaching death or the cessation of life.

Kubler-Ross

A psychiatrist known for developing the Kubler-Ross model, which outlines five stages of grief that patients may go through when faced with terminal illness.