The Part of the Cost Schedule Showing the Total and Unit

question 21

Multiple Choice

The part of the Cost Schedule showing the total and unit cost of each element and the cumulative cost total is the

• A)costs to be accounted for.
• B)costs accounted for.
• C)total costs transferred out.
• D)total work in process.

---

Definitions:

Sales Returns and Allowances

Transactions in which customers return damaged or unsatisfactory products for refunds or credit, and adjustments made to sales revenue for these returns or granted concessions.

Accounts Receivable

Outstanding payments from customers to a firm for delivered or utilized goods or services awaiting settlement.

Merchandise Return

The process whereby customers return previously purchased merchandise to the seller for a refund, store credit, or exchange.

Selling Expenses

Costs incurred directly and indirectly in selling a product, such as commissions, advertising, and promotional materials.