For Each of the Following Accounts,indicate What Event Causes the Account

question 113

Essay

For each of the following accounts,indicate what event causes the account to increase and to decrease.The answer is not debit or credit.
$$\begin{array} { | l | l | l | } \hline \textbf { Account } & \textbf { Is increased by: } & \textbf { Is decreased by: } \\\hline \textbf { Raw Materials } & & \\\textbf { Inventory } & & \\\hline \textbf { Work-in-Process } & & \\\textbf { inventory } & & \\\hline \textbf { Finished Goods } \\\textbf { Inventory } & & \\\hline \textbf { Cost of Goods Sold } & & \\\hline\end{array}$$

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Definitions:

Simplify

To alter a complex equation or expression into a simpler form that retains the original meaning or value.

Like Terms

Terms in an algebraic expression that have the same variable raised to the same power and can be combined.

Evaluate

To determine the value of an expression by computing its numerical value.

Calculate

Perform mathematical operations to find a numerical answer.