Match the Following Terms with Their Correct Definition

question 73

Multiple Choice

Match the following terms with their correct definition.
-An amount received and recorded by the business but not yet recorded by the bank

• A)Bank reconciliation
• B)Deposit in transit
• C)Non-sufficient funds check
• D)Outstanding check
• E)Service charges

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Definitions:

Variable Costing

A costing method that includes only variable production costs - direct materials, direct labor, and variable manufacturing overhead - in the cost of a product.

Variable Production Costs

Costs that fluctuate with the level of output production, such as raw materials and direct labor.

Variable Costing

An accounting method that includes only variable production costs—direct materials, direct labor, and variable manufacturing overhead—in product costs.

Fixed Manufacturing Overhead

The set costs associated with producing goods that do not change with the level of output, including salaries, rent, and insurance.