Which Transaction Is Used to Recognize the Acquisition of Raw

question 127

Multiple Choice

Which transaction is used to recognize the acquisition of raw materials on account?

• A)Debit to Accounts Payable and credit to Raw Materials Inventory
• B)Debit to Raw Materials Inventory and credit to Accounts Payable
• C)Debit to Work in Process Inventory and credit to Accounts Payable
• D)Debit to Manufacturing Overhead, debit to Raw Materials Inventory, and credit to Accounts Payable

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Definitions:

Verify

To check or test the accuracy, truth, or quality of something.

Verify

To confirm the accuracy, truth, or validity of something through examination or comparison.

Five-Figure Accuracy

The precision of a numerical value up to five significant digits.

Calculate

To work out the numerical value of something through a systematic series of steps.