Because of the Accounting Techniques Used, the Balance of Payments

question 6

True/False

Because of the accounting techniques used, the balance of payments shows that debits equal credits only if exports equal imports.

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Definitions:

Job-order Costing

A cost accounting system that accumulates manufacturing costs separately for each job.

Direct Labour Cost

The wages and benefits paid to employees who are directly involved in the production of goods or services.

Manufacturing Overhead Applied

The portion of estimated manufacturing overhead costs that is assigned to each unit of production, based on a predetermined rate.

Job-order Costing

An accounting method that tracks costs individually for each job, rather than within set periods.