At the End of the Fiscal Year, Any Overapplied or Underapplied

question 23

Multiple Choice

At the end of the fiscal year, any overapplied or underapplied overhead is

• A) transferred to the Cost of Goods Sold account in an adjustment.
• B) shown on the balance sheet as either a deferred charge or a deferred credit.
• C) allocated to Cost of Goods Sold, Finished Goods Inventory, and Work in Process Inventory.
• D) transferred to the Cost of Goods Manufactured account in an adjustment.

---

Definitions:

Digital Networking

The use of online platforms and technologies to build, maintain, and enhance professional and social connections.

Online Presence

The visibility and engagement of an individual or organization across digital platforms, including websites and social media, influencing their reputation and reach.

Organization's Products

The goods or services produced and offered by a business or entity.

Company's Development

The process of growing or improving a company through expansion, innovation, or increasing its market presence.