Match the Terms with the Definitions

question 16

Multiple Choice

Match the terms with the definitions.
-A method of accounting that combines aspects of the cash and accrual methods.It uses the cash basis for recording revenues and most expenses.Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

• A)accrual basis of accounting
• B)combination journal
• C)Description column
• D)General Credit column
• E)General Debit column
• F)modified cash basis
• G)Posting Reference column
• H)special columns

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Definitions:

Work In Process

The cost of unfinished goods in the manufacturing process at a given time, including labor, material, and overhead.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and are a significant portion of the production cost.

Department 2

A specific subdivision within an organization tasked with distinct functions or responsibilities, implied to be one of several.

Lean Manufacturing

A carefully planned strategy to decrease waste in manufacturing processes without compromising efficiency.