A Costing System That Omits Recording Some or All of the Journal

question 150

Multiple Choice

A costing system that omits recording some or all of the journal entries relating to the cycle from purchase of direct materials to the sale of finished goods is called ________.

• A) dependent costing
• B) synchronous costing
• C) sequential costing
• D) backflush costing

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Definitions:

Transfer Payments

Payments made by the government to individuals, without any expectation of a direct return or exchange of goods or services.

GDP

Gross Domestic Product; a measure of the economic performance of a country, representing the total value of all goods and services produced over a specific time period.

GDP

Gross Domestic Product, a measure of the total economic output of a country, representing the value of all goods and services produced over a specific time period.

Contribution

The act of providing something, such as effort, money, or resources, to a common pool or goal.