Match Each Following Terms with Their Correct Description from the Items

question 24

Multiple Choice

Match each following terms with their correct description from the items listed below.
-An approach that assigns the actual costs of direct materials and direct labour to products but uses a predetermined rate to assign overhead costs

• A)Actual cost system
• B)Job-order cost system
• C)Normal cost system
• D)Process-costing system

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Definitions:

Administrative Expenses

Costs related to the general operation of a business that aren't directly tied to a specific project or product.

Indirect Cost

Expenses not directly tied to the production of goods or services, such as office supplies, utilities, and administrative salaries.

Bankruptcy

A legal proceeding involving a person or business that is unable to repay their outstanding debts, leading to a reorganization or elimination of debt under the laws of bankruptcy.

Key Employees

Employees considered crucial to the operation and success of a business due to their skills, knowledge, or roles.