A Costing System That Omits Recording Some or All of the Journal

question 150

Multiple Choice

A costing system that omits recording some or all of the journal entries relating to the cycle from purchase of direct materials to the sale of finished goods is called ________.

• A) dependent costing
• B) synchronous costing
• C) sequential costing
• D) backflush costing

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Definitions:

Cash Donation

A monetary contribution made to support a cause, organization, or individual, typically without expecting anything in return.

Fair Value

A financial metric that represents the price at which an asset would be bought or sold in an orderly transaction between market participants at the measurement date.

Journal Entries

Journal entries are records in financial accounting that document transactions in chronological order, affecting at least two accounts.

Not-for-Profit

An organization that operates for purposes other than generating profit, focusing instead on serving a public or mutual benefit.