The Costs That Were Incurred in a Previous Process and Brought

question 123

Multiple Choice

The costs that were incurred in a previous process and brought into a later process as part of the product's cost are called ________ costs.

• A) transferred in
• B) transferred out
• C) accounted for
• D) to account for

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Definitions:

Beginning Balance

The amount of money or value of an account at the start of a new accounting period.

Ending Balance

The final amount in an account at the end of a reporting period, after all additions and subtractions have been accounted for.

Revenue Account

An account that records the income earned by a company from its business activities.

Debit

A bookkeeping record that raises the value of an asset or expense, or reduces the value of a liability or equity.