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Provided Below Is a List of Definitions and Terms

question 253

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Provided below is a list of definitions and terms. Match them by placing the letter that identifies the best definition in the blank space next to each term.
$Provided below is a list of definitions and terms. Match them by placing the letter that identifies the best definition in the blank space next to each term. \begin{array} { l | l } \hline \text { A. } & \begin{array} { l } \text { An increase in an asset, owner withdrawal, and expense account, and a decrease in a } \\ \text { liability, owner's capital, and revenue account; recorded on the left side of a T- } \\ \text { account. } \end{array} \\ \hline \text { B. } & \begin{array} { l } \text { A decrease in an asset, owner withdrawal, and expense account, and an increase in a } \\ \text { liability, owner's capital, and revenue account; recorded on the right side of a T- } \\ \text { account. } \end{array} \\ \hline \text { C. } & \text { A written promise to pay a definite sum of money on a specified future date. } \\ \hline \text { D. } & \begin{array} { l } \text { The difference between total debits and total credits for an account including the } \\ \text { beginning balance. } \end{array} \\ \hline \text { E. } & \begin{array} { l } \text { A list of accounts and their balances at a point in time; the total debit balances shoul } \\ \text { equal the total credit balances. } \end{array} \end{array} \begin{array} { | l | l | } \hline \text { F. } & \begin{array} { l } \text { A list of all accounts used by a company and the identification number assigned to } \\ \text { each account. } \end{array} \\ \hline \text { G. } & \begin{array} { l } \text { The ratio of total liabilities to total assets; used to reflect the risk associated with the } \\ \text { company's debts. } \end{array} \\ \hline \text { H. } & \begin{array} { l } \text { An account with debit and credit columns for recording entries and another column } \\ \text { for showng the balance of the account after each entry. } \end{array} \\ \hline \text { I. } & \begin{array} { l } \text { A chronological record of each transaction in one place that shows debits and credits } \\ \text { for each transaction. } \end{array} \\ \hline \text { J. } & \text { A record containing all accounts of a company and their balances. } \\ \hline \end{array}$

$\begin{array} { l | l } \hline \text { A. } & \begin{array} { l } \text { An increase in an asset, owner withdrawal, and expense account, and a decrease in a } \\\text { liability, owner's capital, and revenue account; recorded on the left side of a T- } \\\text { account. }\end{array} \\\hline \text { B. } & \begin{array} { l } \text { A decrease in an asset, owner withdrawal, and expense account, and an increase in a } \\\text { liability, owner's capital, and revenue account; recorded on the right side of a T- } \\\text { account. }\end{array} \\\hline \text { C. } & \text { A written promise to pay a definite sum of money on a specified future date. } \\\hline \text { D. } & \begin{array} { l } \text { The difference between total debits and total credits for an account including the } \\\text { beginning balance. }\end{array} \\\hline \text { E. } & \begin{array} { l } \text { A list of accounts and their balances at a point in time; the total debit balances shoul } \\\text { equal the total credit balances. }\end{array}\end{array}$
$\begin{array} { | l | l | } \hline \text { F. } & \begin{array} { l } \text { A list of all accounts used by a company and the identification number assigned to } \\\text { each account. }\end{array} \\\hline \text { G. } & \begin{array} { l } \text { The ratio of total liabilities to total assets; used to reflect the risk associated with the } \\\text { company's debts. }\end{array} \\\hline \text { H. } & \begin{array} { l } \text { An account with debit and credit columns for recording entries and another column } \\\text { for showng the balance of the account after each entry. }\end{array} \\\hline \text { I. } & \begin{array} { l } \text { A chronological record of each transaction in one place that shows debits and credits } \\\text { for each transaction. }\end{array} \\\hline \text { J. } & \text { A record containing all accounts of a company and their balances. } \\\hline\end{array}$

Definitions:

Absorption Costing

A method of inventory costing that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed manufacturing overhead—in the cost of a product.

Cost of Products Manufactured

The total expense incurred by a company to produce goods over a specific period, including costs associated with materials, labor, and overhead.

Absorption Costing

Absorption costing is an inventory valuation method that incorporates all costs associated with manufacturing, including direct materials, direct labor, and all manufacturing overhead expenses, both variable and fixed, into the product cost.

Variable Costing

A costing method that includes only variable production costs—direct materials, direct labor, and variable manufacturing overhead—in unit product cost.