Listed Below Are Five Terms Followed by a List of Phrases

question 66

Multiple Choice

Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-____ Minor amount of cash kept on hand.

• A)Cash equivalent
• B)Bank reconciliation
• C)Petty cash
• D)Debit card
• E)Credit card

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Definitions:

Actual Cost

The actual expense incurred in the production of goods or services, including all costs of raw materials, labor, and overhead.

Expected Costs

Estimated costs based on historical data, forecasts, or industry averages, used for budgeting and planning purposes.

Job Order Cost System

An accounting system that accumulates costs by individual jobs when each has distinguishable specifications, costs, and production processes.

Summarized Operations

A condensed presentation of the activities and outcomes of an organization's business operations.