A Materials Requisition in a Job-Order Costing System Is Used

question 95

Multiple Choice

A materials requisition in a job-order costing system is used as a:

• A) Source document for assigning costs to individual departments.
• B) Subsidiary account for recording the materials used on each job.
• C) Request form for getting the necessary materials from the materials storeroom.
• D) Means of ordering materials from outside suppliers.

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Definitions:

Tax

A compulsory economic imposition or another variety of levy tasked to a taxpayer by a governmental structure to provision government financial obligations and various public welfare expenses.

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is not achievable, leading to a suboptimal allocation of resources.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the price where supply and demand are equal.

Tax

An unavoidable fiscal exaction or different type of contribution enforced by a governmental faction on a taxpayer, intended to support the financing of governmental operations and a range of public service outlays.