A Company Completed All Postings for Its Job Costs for the Year.Which

question 126

Multiple Choice

A company completed all postings for its job costs for the year.Which of the following should have the same totals at year end?

• A)the cost of materials purchased and the total of the Raw Materials Inventory control account
• B)the total of the amount in the Work in Process subsidiary ledger and the Work in Process Inventory control account total
• C)the total of the accounts in the Work in Process subsidiary ledger and the Raw Materials Inventory control account total
• D)the cost of materials charged to Work in Process Inventory and the total of the accounts in the Work in Process subsidiary ledger

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Definitions:

Legal Structure

The framework of laws and regulations that establish the legal identity of an entity, its governance, and its operational guidelines.

Treaty

A formal and binding agreement between sovereign states or international entities, often in written form, pertaining to international law.

Lease

A contract by which one party conveys land, property, services, or goods to another for a specified time, usually in return for a regular payment.

Consideration

The value (such as money, a promise, or a service) exchanged between parties in a contract, making the agreement legally binding.