In Recording Accounting Transactions, Evidence That a Transaction Has Taken

question 98

Multiple Choice

In recording accounting transactions, evidence that a transaction has taken place is obtained from

• A)source documents.
• B)the bank.
• C)the public relations department.
• D)the chart of accounts.

Distinguish between different types of costs (direct materials, direct labor, and overhead) and their treatment in process costing.

Prepare and understand the significance of costing journal entries for production activities.

Identify the impacts of beginning and ending inventory levels on cost calculations.

Explain the principles of process costing system including the calculation of cost per equivalent unit and the allocation of these costs to units completed and transferred out as well as ending inventory.

---

Definitions:

Aldaric Acid

A type of dicarboxylic sugar acid obtained by oxidizing both the aldehyde and primary alcohol groups of an aldose sugar.

Optically Active

A characteristic of a compound that has the ability to rotate the plane of polarized light, caused by the presence of asymmetry in the molecule.

Bromine Water

An aqueous solution of bromine used as a reagent in organic chemistry, particularly in tests for unsaturation.

Aldaric Acid

A type of sugar acid obtained by oxidizing both the aldehyde group and the primary alcohol group of an aldose to carboxylic acids.