Which Statement Is Not Correct

question 84

Multiple Choice

Which statement is not correct?

• A)General ledger creates a new cost record upon receipt of a work order from production planning and control.
• B)Cost accounting updates the cost record with data gathered from the materials requisition.
• C)General ledger posts summary information about the manufacturing process based on a journal voucher prepared by cost accounting.
• D)Cost accounting computes variances and applies overhead to individual cost records.

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Definitions:

R&D Expense

Expenses incurred in the process of discovering, developing, and enhancing a company's products or services, categorized as operating expenses.

Purchased Goodwill

The amount paid in excess of the fair market value of net assets during the acquisition of a company.

Theoretical Characteristic

An abstract property or attribute foundational to theoretical models or concepts, often used in academic and scientific research.