The Following Are the Ending Month's Balances for Toys Galore

question 90

Multiple Choice

The following are the ending month's balances for Toys Galore. $\begin{array}{|l|r|}\hline \text { Accounts payable } & \$ 6,790 \\\hline \text { Revenues } & 8,680 \\\hline \text { Cash } & 4,500 \\\hline \text { Expenses } & 1,050\\\hline \text { Furniture } & 8,370 \\\hline \text { Accounts receivable } & 7,710 \\\hline \text { Capital } & 930 \\\hline \text { Notes payable } & 5,230\\\hline\end{array}$ What would be the last account listed on the trial balance for Toys Galore?

• A) Revenue
• B) Expenses
• C) Cash
• D) Accounts payable

Comprehend the role of equivalent units in costing systems and how they affect cost control and performance evaluation.

Understand the fundamentals of process costing and its application in manufacturing settings.

Distinguish between FIFO and weighted average methods in process costing.

Comprehend the importance of equivalent units in the calculation of product costs.

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Definitions:

Collective Bargaining

The process by which employers and unions negotiate wages, hours, and working conditions on behalf of the employees represented by the union.

North American Free Trade Agreement

An important trade deal aimed at reducing trading costs, increasing business investment, and helping North America be more competitive in the global marketplace, also known as NAFTA.

Capital and Labor Mobility

The ease with which capital funds and labor can move across borders or industries, influenced by regulations, immigration policies, and financial systems.

NAALC

The North American Agreement on Labor Cooperation, an annex to the North American Free Trade Agreement focusing on labor law standards and cooperation among member states.