The Collection of Cost Data in an Organized Way, Such

question 124

Multiple Choice

The collection of cost data in an organized way, such as in various categories such as materials, labor, and manufacturing overhead, is called:

• A) cost application
• B) cost accumulation
• C) cost assignment
• D) cost reporting

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Definitions:

Bearer Instrument

A financial document not assigned to a specific holder, thus whoever holds the document has the right to cash or transfer it.

Order Instrument

A financial instrument that is payable to a specific person or their order, thus requiring endorsement for transfer.

Bearer Instrument

A negotiable financial instrument, such as a check or bond, that entitles the holder in possession to the rights of the instrument, with no need to prove ownership.

Assignee

The party who receives rights or interests in a contract from the assignor.