Match the Terms with the Definitions

question 53

Multiple Choice

Match the terms with the definitions.
-Accounts that are deducted from the Purchases account when computing cost of goods sold (i.e., Purchases Returns and Allowances, Purchases Discounts) .

• A)contra-cost accounts
• B)contra-revenue accounts
• C)physical inventory
• D)unearned revenue

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Definitions:

Direct Labour

The labor costs directly associated with the production of goods or services, such as wages for workers on the production line.

Overhead Rate

A calculation used to allocate indirect costs to products or services, typically expressed as a percentage or ratio.

Architectural Entity

A concept or structure in the discipline of architecture that can refer to buildings, facilities, and even urban design elements.

Service Costing

A type of costing system that assigns costs to intangible products or services, capturing the expenses related to providing a service.