A Perpetual Record of a Raw Materials Item That Records

question 146

Multiple Choice

A perpetual record of a raw materials item that records data on the quantity and cost of units purchased, units issued for use in production, and units that remain in the raw materials inventory, is called a(n) :

• A) Materials ledger card.
• B) Materials requisition.
• C) Purchase order.
• D) Materials voucher.
• E) Purchase ledger.

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Definitions:

Upward Sloping

A graphical depiction indicating that as one variable increases, another variable also increases, commonly used in supply curves.

Equilibrium Price

The price at which the quantity demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.

Legal Services

Professional services provided by lawyers or law firms to advise clients on legal rights and obligations, or represent them in legal matters.

Marginal Expenditure

The extra expense that comes from buying an additional unit of a product or service.