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

question 30

Multiple Choice

When using a standard costing system,which of the following should be recorded when finished goods are sold?

• A)Debit cost of goods sold for actual cost and credit finished goods for actual cost
• B)Debit cost of goods sold for standard cost and credit finished goods for actual cost
• C)Debit cost of goods sold for standard cost and credit finished goods for standard cost
• D)Debit cost of goods sold for actual cost and credit finished goods for standard cost

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Definitions:

Chemical Factors

Elements and compounds that influence reactions and processes in biological and environmental systems.

Ecosphere

A term often used synonymously with the biosphere, referring to all the ecosystems on Earth where living organisms interact with each other and their physical environment.

Synonymous

Having the same or nearly the same meaning as another word or phrase in the same language.

Biosphere

The biosphere encompasses all ecosystems and living organisms on Earth, along with the physical environments they inhabit.