Installations,accessory Equipment,supplies,and Industrial Services Used to Assist in Producing Other

question 169

Multiple Choice

Installations,accessory equipment,supplies,and industrial services used to assist in producing other goods and services are referred to as __________.

• A) components
• B) parts
• C) production goods
• D) raw materials
• E) support products

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Definitions:

Debit Column

A column in accounting ledgers and financial statements used to record increases in asset or expense accounts, and decreases in liability, equity, or revenue accounts.

Credit Column

A column in accounting records or financial statements used to record amounts that reduce balances in asset or expense accounts, or increase balances in liability, equity, or revenue accounts.

Financial Statement

A written record that conveys the financial activities and conditions of a business or individual.

Normal Balance

The side (debit or credit) of an account that increases its value, reflecting the conventional balance based on accounting rules.