A Materials Requisition Is a Source Document Used by Production

question 64

True/False

A materials requisition is a source document used by production managers to request materials for production and also used to assign materials costs to specific jobs or to overhead.

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Definitions:

Buyers

Persons or organizations that acquire products or services in the marketplace.

Taxes

Financial charges imposed by governments on individuals, businesses, or other entities, primarily to fund public expenditures.

Labor

Work performed by people that contributes to the production of goods and services in an economy.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating the percentage of additional income that is taken as tax.