In a Fully Integrated Standard Costing System,standard Costs Eventually Flow

question 85

Multiple Choice

In a fully integrated standard costing system,standard costs eventually flow into the

• A)Cost of Goods Sold account.
• B)Standard Cost account.
• C)Selling and Administrative Expenses account.
• D)Sales account.

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Definitions:

Bank Reconciliation

This process ensures that a company's or individual's accounting records (check register) match up with the bank's records, often revealing discrepancies.

Internal Control System

A set of procedures and mechanisms implemented by a business to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Bank Statement

A bank statement is a summary of financial transactions that have occurred over a given period in a bank account, provided by the bank to the account holder.

Account Balance

The amount of money present in an account, representing the net of credits and debits at a particular point in time.