For Each Item Below Indicate the Source Documents That Would

question 119

Short Answer

For each item below indicate the source documents that would most likely authorize the journal entry in a job-costing system.
A)labour time card
B)job-cost record
C)materials requisition record
D)purchase invoice
E)sales invoice
F)labour time card
-finished goods control

• A)labour time card
• B)job-cost record
• C)materials requisition record
• D)purchase invoice
• E)sales invoice
• F)labour time card
• -finished goods control

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Definitions:

Shortage

A shortage occurs when the demand for a product exceeds the supply of that product at a specific price.

Price Floor

A government-imposed minimum price charged for a commodity, aimed at preventing prices from falling too low.

Surplus

In economic terms, it refers to the amount by which production, assets, or resources exceed the portion used, often leading to excess supply in markets.

Shortage

A condition where the market's demand for a good or service outstrips its supply.