For Each of the Following, Identify in Column 1 the Category

question 39

Essay

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement that the account in which the account balance is reported, and in Column 4 the account's nature (temporary/permanent).
-

---

Definitions:

Production

Production is the process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).

Profitable

An economic condition where revenue exceeds the costs and expenses incurred in producing goods or services.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Raw Material Costs

The expenses associated with acquiring the unprocessed materials required for the production of goods or services.