A Record in Which the Effects of Transactions Are First

question 91

Multiple Choice

A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n) :

• A) Account.
• B) Trial balance.
• C) Journal.
• D) T-account.
• E) Balance column account.

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Definitions:

Overapplied

A situation where the overhead allocated to products is greater than the actual overhead incurred.

Underapplied

A situation where the allocated amount of manufacturing overhead costs is less than the actual overhead costs incurred.

Manufacturing Overhead

Costs related to the manufacturing process but not directly traceable to specific units produced, such as utility costs and salaries of maintenance personnel.

Overhead Variances

Differences between the estimated and actual overhead costs in manufacturing or business operations.