All of the Following Are Significant Contributions That the Journal

question 83

Multiple Choice

All of the following are significant contributions that the journal makes to the recording process except the journal

• A)discloses the complete effect of a transaction in one place.
• B)helps prevent or locate errors because debits and credits can be readily compared.
• C)keeps complete information about changes in a specific account balance in one place.
• D)provides a chronological record of transactions.

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Definitions:

Job-Order Costing System

A costing method that assigns costs to specific batches or job orders, making it suitable for customized products.

Predetermined Overhead Rate

An estimated rate used to assign manufacturing overhead costs to products based on a cost driver, calculated before the period begins.

Variable Manufacturing Overhead

Overhead costs that vary with production volume, including indirect labor and utilities.

Direct Labor-Hours

The total hours of labor time directly involved in producing goods or providing services, often used as a basis for allocating manufacturing overhead.