Use the Following Two Columns of Items to Answer the Matching

question 51

Short Answer

Use the following two columns of items to answer the matching questions below:
-current liabilities
A)planning for insurance, investing, financing, and retirement
B)amounts owed that are due in less than one year
C)cash, checking account, and money market account
D)stocks, bonds and mutual funds
E)home, car, furniture
F)assets less liabilities

• A)planning for insurance, investing, financing, and retirement
• B)amounts owed that are due in less than one year
• C)cash, checking account, and money market account
• D)stocks, bonds and mutual funds
• E)home, car, furniture
• F)assets less liabilities

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Definitions:

Process Cost System

An accounting method used to track production costs for continuous manufacturing processes, assigning costs to units of output on an average basis.

Job Order Cost System

An accounting method used to assign manufacturing costs to individual units or batches of products, tracking the material, labor, and overhead costs for each job.

Activity-Based Costing

An accounting method that assigns costs to products or services based on the activities and resources that go into producing them.

Overapplied

A situation where the allocated costs exceed the actual costs incurred.