The Term Given to Units That Represents the Number of Completed

question 29

Multiple Choice

The term given to units that represents the number of completed units that is equal, in terms of production inputs, to a given number of partially completed units is:

• A)Units completed
• B)Equivalent units
• C)Units started and completed
• D)Total units in production

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Definitions:

Income Summary

An account used in the closing process that aggregates all income and expenses to determine the net income or loss for the period.

Merchandise Inventory

The goods a company has available for sale to customers, considered a current asset on the balance sheet.

Adjustments

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.