Match the Costs That Follow to the Type of Product

question 14

Multiple Choice

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d) .
-Plastic parts

• A)Direct labor
• B)Direct materials
• C)Factory overhead
• D)Not a product cost

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Definitions:

Voucher System

A method of accounting in which each transaction is recorded through the use of a document, or voucher, ensuring expenditures are authorized and recorded accurately.

Paid Voucher File

Holds paid vouchers filed either in sequential order by voucher number or alphabetically by creditor’s name.

Vouchers Payable

An accounting term for records of payable amounts for goods or services received, pending payment to suppliers.

Balance Sheet

A financial statement that presents the financial position of a company at a specific point in time, showing assets, liabilities, and shareholders' equity.