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For Work Done During August, Printing Press Company Incurred Direct

question 30

Multiple Choice

For work done during August, Printing Press Company incurred direct materials costs of $101,000 and conversion costs of $250,000. The company employs a traditional operating philosophy. At the end of August, it was determined that the Work in Process Inventory account had been assigned $1,000 of costs, and the ending balance of the Finished Goods Inventory account was $3,000. There were no beginning inventory balances. How much was charged to the Cost of Goods Sold account during August?

Understand the purpose and process of bank reconciliations, including identifying timing differences and errors.

Know the functions of a Check Register and its role in tracking payments and deposits to the checking account.

Recognize the importance of separating personal and business finances, and the impact on accounting records.

Understand the basic accounting principles regarding the increase in asset and equity accounts.

Definitions:

McCrae and Costa

Researchers known for the Five Factor Model of personality, which identifies five broad dimensions of personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Neuroticism

A personality trait characterized by long-term tendencies to experience negative emotional states such as anxiety, anger, or depression.

Deference

The respectful submission or yielding to the judgment, opinion, or wishes of another.

Five-Factor Model

A widely accepted framework in personality psychology that identifies five key dimensions of human personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.