A Job-Cost Record Uses Information from ________

question 86

Multiple Choice

A job-cost record uses information from ________.

• A) a materials-requisition record to record raw material purchases from suppliers
• B) a materials-requisition report to record the type and quantity of item received in an order from a supplier
• C) a labor-time card to record an employee's wage rate and hours spent on a particular job
• D) the bill of materials to ensure the goods are of the prescribed quality

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Definitions:

Time Period Assumption

The accounting principle that assumes a business's complex and continuous activities can be divided into shorter periods, such as months, quarters, or years, for reporting purposes.

Artificial Time Periods

Divisions of time into periods for accounting purposes that may not correspond to actual calendar periods.

Economic Entity

A unit in the economy that is capable of engaging in financial activities, such as a person, corporation, or government entity.

GAAP

stands for Generally Accepted Accounting Principles, which are the standard framework of guidelines for financial accounting used in any given jurisdiction.