Match the Term with Its Definition

question 106

Multiple Choice

Match the term with its definition.(There are more definitions than terms. )
-Chart Of Accounts

• A)A summary of account names and numbers.
• B)A simplified version of an account in the General Ledger.
• C)Compares balance sheet items from two different time periods.
• D)When a dollar value is assigned to an item recorded in the accounting system.
• E)A journal entry that lowers the balance of the account.
• F)An amount that is posted on the left side of a T-account or ledger.
• G)The concept that a company must keep separate accounts by time period.
• H)An amount that is posted on the right side of a T-account or ledger.
• I)Assets are initially recorded at the amount paid to acquire them.
• J)When journal entries are recorded in the appropriate T-account or ledger.
• K)When a company's balance sheet has been verified by an outside auditor.
• L)The principle that a company should use the least optimistic measure,when uncertainty exists.
• M)The concept that any transaction must have at least two effects on the accounting equation.
• N)The mechanism used to record each transaction in the General Journal.

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Definitions:

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead costs to products, calculated before a production period begins.

Direct Labor-Hours

Sum of the working hours spent by workers actively participating in generating products or rendering services.

Machine-Hours

A measure of production time that indicates the total hours machines are operating in the production process.

Machining Department

A specific division within a manufacturing facility where machining processes such as cutting, drilling, or shaping materials are carried out.