What Is the Term for Unfinished Products That Are Used

question 78

Multiple Choice

What is the term for unfinished products that are used in producing other products?

• A)component parts and processed materials
• B)raw materials
• C)maintenance, repair, and operating products
• D)accessory equipment

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Definitions:

Posting

The process of transferring journal entry amounts to respective accounts in the ledger.

Equality

A principle ensuring that individuals are treated similarly, without any discrimination based on race, gender, ethnicity, religion, or social status.

Debits and Credits

The two sides of every financial transaction in accounting. Debits increase assets or expenses and decrease liabilities or equity, whereas credits do the opposite.

Account Titles

Names given to various accounts used in accounting to classify and organize financial transactions.