Match Each Phrase That Follows with the Term (A-H) It

question 7

Multiple Choice

Match each phrase that follows with the term (a-h) it describes.
-Measure of the work done during a production period, expressed in terms of fully complete units of output

• A)Direct labor and factory overhead
• B)Direct labor and direct materials
• C)Transferred-in costs
• D)Equivalent units
• E)Process costing
• F)Job order costing
• G)First-in, first-out method
• H)Cost of production report

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Definitions:

Net Receivables

the total amount of money owed to a company by its customers minus any amounts that are expected to be uncollectible.

Current Liabilities

Short-term financial obligations that are due within one year or within the normal operating cycle of the business, whichever is longer.

Acid-Test Ratio

A liquidity ratio that measures a company's ability to pay off its current liabilities with its most liquid assets, excluding inventory.

Current Ratio

A liquidity ratio that measures a company's ability to pay short-term obligations with its current assets.