Both Accounts Receivable and Notes Receivable Represent Claims That Are

question 119

True/False

Both accounts receivable and notes receivable represent claims that are expected to be collected in cash.

---

Definitions:

Work in Process

Inventory account representing goods that are in various stages of the production process but are not yet completed goods.

Factory Overhead Rates

A measure used to allocate the costs of operating a factory, which cannot be directly tied to specific units produced, over the units produced.

Direct Labor Hours

The total hours worked by employees who are directly involved in producing goods or providing services.

Machine Hours

A measure of the amount of time a machine is operated, used in allocating manufacturing costs to units of product.