Product Costing Is the Process of Accumulating the Costs of a Production

question 22

True/False

Product costing is the process of accumulating the costs of a production process and assigning them to the completed products.

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Definitions:

General Ledger

The primary accounting record of a business which contains all the balance sheet and income statement accounts.

Trial Balance

A bookkeeping worksheet where the balances of all ledgers are compiled into debit and credit account column totals that are equal.

Trial Balance

A ledger balance compilation sheet in bookkeeping, organizing debit and credit balances into columns that have equal totals.

Financial Statement Order

The sequence in which financial reports, such as the balance sheet, income statement, and cash flow statement, are prepared and presented.