Match Each of the Following Phrases with the Term (A-G)

question 22

Multiple Choice

Match each of the following phrases with the term (a-g) that it most closely describes.
-A subsidiary ledger that maintains a separate account for each type of material

• A)Job order cost system
• B)Process cost system
• C)Activity-based costing
• D)Underapplied overhead
• E)Overapplied overhead
• F)Finished goods ledger
• G)Materials ledger

---

Definitions:

Debited

An accounting term describing the recording of an increase in assets or a decrease in liabilities and equity.

Liabilities

Financial obligations or debts a company owes to others, which must be settled over time through the transfer of assets, provision of services, or other economic benefits.

Dividends Distributed

The portion of a company's earnings paid out to shareholders.

Accounting Equation

The basic principle underlying accounting that asserts that Assets = Liabilities + Equity, illustrating the balance among what a company owns and owes at any point in time.