The Following Are Key Terms in Chapter 13 That Relate

question 17

Short Answer

The following are key terms in Chapter 13 that relate to costing of government services:
A.Allowable costs
B.Job order costing
C.Common rule
D.Cost objective
E.Indirect costs
F.Direct costs
G.Process costing
H.Activity-based costing
For each of the following definitions,indicate the key term from the list above that best matches by placing the appropriate letter in the blank space next to the definition.

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Definitions:

Petty Cash Account

A small amount of cash kept on hand for making minor business expenses, managed through a system of vouchers for tracking.

Receipts

Documents that acknowledge the receipt of goods or services or the receipt of money.

Currency

The currency system predominantly employed within a specific nation.

Cash Overage

A situation where the amount of cash on hand exceeds the expected amount, often referring to excess cash reported in a cash register.