When Posting Entries from a Purchases Journal to the General

question 134

Multiple Choice

When posting entries from a purchases journal to the general ledger,________.

• A) posting references are not shown in the subsidiary ledger
• B) the Accounts Payable balance in the general ledger will be less than the sum of the individual vendor balances in the subsidiary ledger
• C) the amounts in the Other Accounts DR column are posted individually to the specific accounts
• D) entries are posted on a daily basis for all the accounts

Grasp the concept and implementation of predetermined overhead allocation rates and their impact on product costing.

Recognize the unique aspects of process costing systems, including the handling of goods in process inventory and the closure of accounts at period end.

Identify and understand the implications of differences in the treatment of equivalent units for direct materials and direct labor.

Understand the fundamentals and applications of process cost accounting systems.

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