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:

Contra Asset

An account on a company's balance sheet that reduces the value of a related asset, such as accumulated depreciation.

Expense Account

An account that records the costs incurred by a business in the process of earning revenue, part of the company's income statement.

Adjusting Entry

A record added in the books at the closing of an accounting cycle to note any unrecorded earnings or expenditures during that time.

Rent Revenue

Income received from leasing out properties or spaces to tenants.