When Using a Standard Costing System,at the End of an Accounting

question 10

Multiple Choice

When using a standard costing system,at the end of an accounting period,the balances in which of the following accounts will be at standard amounts?

• A)Raw materials inventory and Work in process only
• B)Cost of goods sold only
• C)Finished goods and cost of goods sold only
• D)Raw materials,Work in process,Finished goods,and Cost of goods sold

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Definitions:

Spelled Correctly

This phrase describes words that are written with the correct sequence of letters according to standard or accepted usage.

Spelled Correctly

The accuracy in forming words by arranging letters in the correct sequence according to language rules.

Roofs

The plural form of roof, referring to the structures forming the upper covering of a building or vehicle to provide protection from the weather.

Spelled Correctly

Refers to the act of writing a word with the proper arrangement of letters according to standardized spelling conventions.