At the End of the Fiscal Year, Any Immaterial Overapplied

question 73

Multiple Choice

At the end of the fiscal year, any immaterial overapplied or underapplied overhead is:

• A)closed to the Cost of Goods Manufactured account.
• B)shown on the balance sheet as either a deferred charge or a deferred credit.
• C)allocated to Cost of Goods Sold, Finished Goods Inventory, and Work in Process Inventory.
• D)closed to the Cost of Goods Sold account.

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Definitions:

Circulatory Congestion

A condition where there is an accumulation of fluid in the body's circulatory system, leading to swelling and often associated with heart failure and other cardiovascular disorders.

Benign

Nonmalignant; not cancerous.

Hypertension

A medical condition characterized by persistently high blood pressure, putting increased strain on the heart and arteries.

Stenotic

Pertaining to stenosis, a condition marked by the abnormal narrowing of a bodily passage or duct.