For Which of the Following Do We Prepare Calculations for Equivalent

question 96

Multiple Choice

For which of the following do we prepare calculations for equivalent units?

• A)Both direct labor and manufacturing overhead
• B)Both direct materials and conversion costs
• C)Both direct labor and direct materials
• D)Neither direct materials nor conversion costs

---

Definitions:

Ledger Accounts

Records within accounting systems that collect data and transactions related to a specific asset, liability, equity, revenue, or expense.

Calendar Year-End

The end of the annual accounting period that coincides with the end of the calendar year, typically December 31.

Post-Closing Trial Balance

A financial statement listing all the accounts and their balances after closing entries are made, ensuring the accounts are ready for the next accounting period.

Adjusted Trial Balance

A report that lists all accounts and their balances after adjusting entries are made, ensuring that debits equal credits.