Match Each of the Following Terms with Their Correct Description

question 23

Multiple Choice

Match each of the following terms with their correct description from the items listed below.* Each term may be used more than once, and it is possible that one or more of the classifications may not be used at all.
-Actual usage of inputs is greater than the standard usage.

• A)Quantity standards
• B)Ideal standards
• C)Price standards
• D)Standard cost sheet
• E)Upper control limit
• F)Currently attainable standards
• G)Kaizen standards

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Definitions:

Retained Earnings

Retained earnings are the portion of a company's profits that is kept or retained rather than being paid out as dividends to shareholders, often reinvested in the business or used to pay off debt.

Notes Payable

A financial liability representing a written promise to pay a specific sum of money on a specified future date.

Accounts Payable

A liability account that tracks money owed by a business to suppliers or creditors for goods and services received.