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:

Ten-Percent Plan

A Reconstruction plan proposed by President Abraham Lincoln in 1863, suggesting that a Southern state could be readmitted into the Union once 10% of its voters swore an oath of allegiance to the Union.

Reconstruction

The period after the American Civil War (1865–1877) during which the United States attempted to reintegrate the Confederate states back into the Union and rebuild the South.

Amnesty

A governmental act of forgiveness for individuals or groups who have committed a political offense, often after a conflict or under a new regime.

Attrition Strategy

is a military strategy aiming to gradually wear down the enemy by continuous losses in personnel and material until they are no longer capable of fighting.