If Total Liabilities Decreased by $14,000 During a Period of Time

question 107

Multiple Choice

If total liabilities decreased by $14,000 during a period of time and shareholders' equity increased by $6,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total assets is a(n) :

• A)$14,000 increase.
• B)$20,000 increase.
• C)$8,000 decrease.
• D)$8,000 increase.

Analyze the application of factory overhead and determine over- or underapplied amounts based on actual and estimated figures.

Grasp the concept of period costs and how they differ from product costs in a manufacturing company.

Understand the role of materials requisitions in the production process and how materials are accounted for in manufacturing.

Recognize the significance of job costing, including the calculation of gross profit, sales, and the status of finished goods, work in process, and cost of goods sold for specific jobs.