The Journal Entry Needed to Record the Completion of a Job

question 303

Multiple Choice

The journal entry needed to record the completion of a job includes a

• A)credit to Work-in-Process Inventory account.
• B)credit to Finished Goods Inventory account.
• C)debit to Work-in-Process Inventory account.
• D)debit to Cost of Goods Sold account.

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Definitions:

Par Value

The face value of a bond or stock, as stated by its issuer, which is the nominal value and does not necessarily reflect its market value.

Conversion Value

The value of a convertible security if it is converted into a specified number of shares of the issuing company.

Common Stock

Equity ownership in a corporation, with voting rights and the potential for dividends and capital appreciation.