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Which statement is false?
Direct Materials
The raw materials that are used directly in the manufacturing of a product and can be easily traced to it.
Journal Entry
A record in the accounting journal that represents a business transaction, including information such as the date, accounts affected, and amounts debited and credited.
Process Costing System
An accounting system used to evaluate the cost associated with a production process that continuously produces homogeneous products.
Raw Materials Inventory
The total cost of all parts and materials held in stock by a company that are intended for use in production.
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