Provide a Definition of Each of the Follow Accounting Terms

question 21

Essay

Provide a definition of each of the follow accounting terms.
$$\begin{array} { | l | l | } \hline \text { Accounting Term } & \text { Definition } \\\hline \text { Compound journal entry } & \\\hline \text { Journal } & \\\hline \text { Account } & \\\hline\end{array}$$

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Definitions:

Standards

Established requirements, specifications, guidelines, or characteristics to be used consistently to ensure that materials, products, processes, and services are fit for their purpose.

Product Costs

Direct costs attributable to the creation of a product, including direct labor, materials, and manufacturing overhead.

Cost Standards

Cost standards refer to pre-determined costs for products, operations, or projects, used as benchmarks for measuring actual performance or costs.

Accountants

Professionals who perform accounting, auditing, and other financial operations for businesses or individuals.