Data Is Composed of Recorded ________

question 9

Multiple Choice

Data is composed of recorded ________.

• A) facts
• B) numbers
• C) information
• D) Both A and B
• E) A, B and C

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Definitions:

Debit

An entry recorded on the left side of an accounting ledger that increases an asset or expense account, or decreases a liability or equity account.

Credit

An accounting entry that increases liability or equity accounts, or decreases asset or expense accounts.

Underapplied Manufacturing Overhead

A situation where the actual manufacturing overhead costs are higher than the overhead costs applied to products based on the predetermined overhead rate.

Overapplied Manufacturing Overhead

Occurs when the allocated manufacturing overhead costs are more than the actual overhead costs incurred.