A Standard Cost Accounting System Can Be Used for

question 67

Multiple Choice

A standard cost accounting system can be used for

• A) direct materials.
• B) overhead.
• C) direct labor.
• D) all of these.

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Definitions:

Adjusting Entries

Ledger postings concluded during the final phase of an accounting cycle to assign income and costs to their respective periods of occurrence.

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.

Adjusted Trial Balance

A compilation of all accounts along with their balances, post-adjustment entries, employed during the creation of financial reports.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts and prepare the company's books for the next period.