Posting Is a Step in the Accounting Cycle That Involves

question 291

True/False

Posting is a step in the accounting cycle that involves transferring information from the journal into the appropriate accounts in a ledger.

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Definitions:

Raw Materials

Raw Materials are the basic substances or components that are converted through manufacturing processes into finished goods.

Raw Materials Inventory

Items and supplies held in stock that are used in the manufacturing process to create finished goods.

Materials Quantity Variance

This variance measures the difference between the actual quantity of material used in production and the standard quantity allowed, multiplied by the standard cost per unit of material.

Direct Labor Costs

Expenses related to employees who directly produce a product or provide a service, such as wages for assembly line workers.