The Basic Document for Keeping Track of Costs in a Job

question 22

Multiple Choice

The basic document for keeping track of costs in a job order costing system is a

• A) job order cost card.
• B) labor time card.
• C) process cost report.
• D) materials requisition form.

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Definitions:

Total Debt

The sum of all liabilities and obligations owed by an entity, both short-term and long-term.

Total Equity

The total net value of a company, calculated by subtracting total liabilities from total assets, representing the owners' claim on company assets.

Profit Margin

A financial metric expressed as a percentage that measures the amount of net income earned with each dollar of sales by comparing the net income and the revenue.

Greatest Source of Funds

Typically refers to the primary means or largest contributor of operational or investment capital within an organization or economy.