Depreciation Expense on Factory Equipment Is Part of Factory Overhead

question 50

True/False

Depreciation expense on factory equipment is part of factory overhead cost.

---

Definitions:

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented on a bank statement to ensure they align and are accurate.

Bank Reconciliation

The process of matching and comparing figures from the banking statements with the cash account records to ensure accuracy and consistency in financial records.

Petty Cash

A small amount of cash on hand used for covering minor expenses.

Petty Cash Fund

A small amount of cash kept on hand for making immediate payments for minor expenses.