When Using a Standard Costing System,which of the Following Should

question 2

Multiple Choice

When using a standard costing system,which of the following should be recorded when recording the purchase of direct materials?

• A)Debit raw materials inventory at the standard price and credit accounts payable at the standard price
• B)Debit raw materials inventory at the standard price and credit accounts payable at the actual price with a debit or credit to direct materials price variance
• C)Credit raw materials inventory at the standard price and debit accounts payable at the actual price with a debit or credit to direct materials price variance
• D)Credit raw materials inventory at the standard price and debit accounts payable at the standard price

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Definitions:

Labor Force Discontinuity

Interruptions or gaps in a person's work history, often due to personal reasons, unemployment, or transitions between jobs.

Entrepreneurial Spirit

A mindset characterized by innovation, risk-taking, and the drive to create new businesses or revitalize existing ones.

Career Development

The process of managing one’s work experience, learning, and training throughout life to advance in one’s job or career path.

Career Advancement

The progression through a professional path, including gaining higher positions, responsibilities, and often compensation.