During the Current Accounting Period,O'Hare Applied $14,500 of Estimated Overhead

question 14

Multiple Choice

During the current accounting period,O'Hare applied $14,500 of estimated overhead cost to production.Actual overhead costs were $14,325.Assuming that the balance in the Manufacturing Overhead is insignificant,the recognition of the transaction to close that account will:

• A) Decrease cost of goods sold and increase stockholders' equity.
• B) Increase cost of goods sold.
• C) Decrease stockholders' equity.
• D) Decrease total assets and total liabilities.

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Definitions:

ADHD

A neurodevelopmental condition known as Attention Deficit Hyperactivity Disorder, distinguished by symptoms of distractibility, excessive movement, and spontaneous behavior.

Accommodation

According to Piaget, the modification of existing schemes to permit the incorporation of new events or knowledge.

Dyslexia

A learning disorder characterized by difficulties with accurate and/or fluent word recognition and by poor spelling and decoding abilities, believed to arise from neurological differences.

Dyslexia

A common learning difficulty affecting the ability to read, write, and spell, unrelated to intelligence but often due to differences in language processing.