In a Process System, Direct Labor and Manufacturing Overhead Are

question 138

Multiple Choice

In a process system, direct labor and manufacturing overhead are normally

• A)incurred at the end of the process.
• B)incurred evenly throughout the process.
• C)incurred in full at the beginning of the process.
• D)not recorded.

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Definitions:

Cash Account

An account that records all transactions involving cash inflows and outflows.

Petty Cash Fund

A minor sum of money maintained in reserve to cover minor, immediate costs.

Cash Over and Short

An account that records discrepancies between actual cash received and the expected amount, reflecting errors or theft.

Petty Cash Fund

A small amount of cash kept on hand for making immediate payments for miscellaneous, small expenses.