On a Trial Balance,if the Debit and Credit Column Totals

question 98

Multiple Choice

On a trial balance,if the Debit and Credit column totals are equal,then:

• A)All transactions have been recorded correctly.
• B)All entries from the journal have been posted to the ledger correctly.
• C)All ledger account balances are correct.
• D)Equal debits and credits have been recorded for transactions.
• E)The balance sheet would be correct.

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Definitions:

Direct Labor Hour

A unit of measure for the amount of time a worker spends on a specific task or project.

Factory Overhead

all indirect costs associated with the manufacturing process, excluding direct labor and direct materials.

Machine Hours

A measure of production time or activity based on the number of hours machines are used in the manufacturing process.

Overapplied Overhead

A situation where the actual manufacturing overhead costs are less than the overhead costs applied to production, resulting in a variance.