The Priority Rule Where Jobs Are Processed According to the Smallest

question 22

Multiple Choice

The priority rule where jobs are processed according to the smallest ratio of time remaining to due date to processing time is

• A)CR.
• B)EEDD.
• C)FCFS.
• D)S/O.
• E)SPT.

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Definitions:

Outstanding Checks

Checks that have been written and recorded in financial accounts but have not yet been cashed or cleared by the bank.

Bank Reconciliation

A process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time.

Adjusting Journal Entries

Journal entries made at the end of an accounting period to account for incomes and expenses in the period they occur, ensuring that the financial statements are accurate.

Reconciliation Report

A document that compares two sets of records to ensure they are in agreement and accurate.