A Typical Machine Shop Generally Has Separate Departments Where Machines

question 41

True/False

A typical machine shop generally has separate departments where machines are grouped by functions such as grinding,drilling,pressing,and lathing.This is an example of a process layout.

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Definitions:

Accrual Basis Accounting

A method of accounting that records revenues when earned and expenses when incurred, regardless of when cash is exchanged.

Revenues

The income generated from normal business operations and includes discounts and deductions for returned merchandise.

Normal Balance Side

Normal Balance Side is the side (debit or credit) of an accounting ledger on which increases to the account are recorded, depending on the account type.

Double-Entry Accounting

An accounting method requiring every financial transaction to be recorded in two accounts, one debit and one credit, to keep the accounting equation balanced.