List at Least Three Considerations That Influence the Amount of Extra

question 61

Essay

List at least three considerations that influence the amount of extra material that must be left on a casting for machining allowance.

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Definitions:

Debit

A record in accounting that causes assets to grow or liabilities to shrink on a firm's balance sheet.

Account Title

The name given to an account in the general ledger that reflects the type of asset, liability, equity, revenue, or expense it represents.

Credit Side

The right side of an account record in double-entry bookkeeping, used to record increases in liability, equity, and revenue accounts, and decreases in asset and expense accounts.

Prepaid Expenses

Payments made in advance for goods or services to be received in the future, considered as a current asset on the balance sheet.