Given Below Are the Accounts from the Ledger AFTER Adjustments

question 145

Essay

Given below are the accounts from the ledger AFTER adjustments have been posted at December 31. ​
A)Identify which adjustments were likely made that are:
1.Accrued revenues
2.Accrued expenses
B)Which accounts listed above would not be used in a cash-basis system?

• A)Identify which adjustments were likely made that are: 1.Accrued revenues 2.Accrued expenses
• B)Which accounts listed above would not be used in a cash-basis system?

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Definitions:

Job-Order Costing

A costing method used where each job is costed separately and includes all materials, labor, and overhead specific to that job.

Underapplied Overhead

This occurs when the actual manufacturing overhead costs incurred exceed the allocated manufacturing overhead cost.

Cost of Goods

The total cost incurred to manufacture or acquire products sold during a specific period, including direct materials, direct labor, and manufacturing overhead.

Schedule of Cost

A detailed report summarizing the various components of cost involved in producing a product or delivering a service.