Which Pair of Accounts Follows the Rules of Debit and Credit

question 117

Multiple Choice

Which pair of accounts follows the rules of debit and credit in the same manner?

• A)Dividends payable and rent expense
• B)Repair expense and notes payable
• C)Prepaid insurance and advertising expense
• D)Revenue from services and accounts receivable

Understand the flow of costs in manufacturing accounts and how they affect financial statements.

Recognize the role of time tickets and machine hours in attributing costs to jobs.

Understand the treatment of underapplied or overapplied overhead in financial records.

Understand and apply the concept of predetermined overhead rates in the calculation of applied manufacturing overhead.

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Definitions:

Maxilla

The upper jawbone, forming the upper mouth section, the floors of the orbits, and sides of the nasal cavity.

Orbicularis Oculi

The orbicularis oculi is a circular muscle surrounding the eye that allows for blinking and squinting.

Orbicularis Oris

A complex of muscles in the lips that encircles the mouth, enabling movements involved in speech and facial expressions.

Nasalis

A facial muscle responsible for the compression of the nasal cartilage.