Match Each Following Cost Flows with Their Corresponding Job-Costing Event

question 77

Multiple Choice

Match each following cost flows with their corresponding job-costing event 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.
-Insignificant overhead variance closed to costs of goods

• A)Completion of job
• B)End of each accounting period
• C)Materials are removed from storage into production
• D)Product is sold
• E)End of year

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Definitions:

Write Off

The accounting action of declaring that an asset is no longer collectible and recording its worth as zero, resulting in it being expensed.

Sales Revenue

The income received by a company from selling goods or services before any costs or expenses are subtracted.

Credit

The trust which allows one party to provide resources to another party wherein the second party does not reimburse the first party immediately but promises either to repay or return those resources at a later date.

Goods Received

The receipt of goods ordered by a company, often documented with a goods received note (GRN) that verifies the delivery and details of the goods.