Two Important Double-Checks Included in a Production Cost Report Are

question 16

True/False

Two important double-checks included in a production cost report are: (1)units to be accounted for matches units accounted for and (2)total costs to be accounted for matches total costs accounted for.

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Definitions:

Revenue

The total amount of money received by a company for goods sold or services provided during a specific period.

Expense

An outflow of money to another person or entity to pay for an item or service or for a category of costs.

Owner's Capital Account

An equity account on a company's balance sheet representing the owner's invested funds plus the net income minus the withdrawals by the owner.

Closing Entries

A set of journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.