In Most Accounting Information Systems, Costs Are Often Recorded and Coded

question 81

Multiple Choice

In most accounting information systems, costs are often recorded and coded so they can be summarized based on different:

• A) Cost drivers
• B) Cost objects
• C) Volumes of activity
• D) Independent variables

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Definitions:

Adjusted Trial Balance

A list of all the accounts and their balances after adjusting entries have been made, used to prepare financial statements.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones, thereby preparing the temporary accounts for the next accounting period.

Journalize

The act of recording transactions in a company's journal, which is the first step in the accounting cycle.

End-of-Period Spreadsheets

Financial spreadsheets compiled at the end of an accounting period to summarize the financial status and operations of a business.