A Chart of Accounts Is

question 5

Multiple Choice

A chart of accounts is:

• A)a source document.
• B)another name for a trial balance.
• C)a list of all of the accounts of an organization and their related account numbers.
• D)prepared as the last step in analyzing transactions.

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Definitions:

Unit Product Cost

The total cost (direct materials, direct labor, and overhead) associated with producing a single unit of a product.

Traditional Costing Method

A costing methodology that allocates overhead costs based on a single, volume-based cost driver, such as labor hours or machine hours.

Direct Labor-Hours

The total time workers spend on producing a product, directly correlating to the product itself.

Unit Product Cost

An expression of the total production cost (materials, labor, and overhead) divided by the number of units produced.