A Set of Criteria Used to Determine Measurement,recognition,representation,and Disclosure of All

question 22

Multiple Choice

A set of criteria used to determine measurement,recognition,representation,and disclosure of all material items appearing in the financial statements is referred to as a(n)

• A)Financial reporting framework.
• B)Quality control presentation standard.
• C)Public Company Accounting Oversight Board Criteria.
• D)Special purpose audit standard.

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Definitions:

Job Order Cost System

An accounting system that accumulates costs for each individual job or project to determine its profitability.

Flow Of Costs

The way costs move through inventory accounts, eventually ending up as cost of goods sold on the income statement.

Accumulating Manufacturing Costs

The process of tracking and collecting all the costs associated with the production of goods, from raw materials to labor.

Raw Materials Inventory

The stock of unprocessed materials used in the production of goods.