Mary Monitor CA Noted That ABC Co

question 33

Multiple Choice

Mary Monitor CA noted that ABC Co.Ltd.received goods prior to year-end and included them in the physical inventory but did not record them in the accounting records.In this case,which of the following adjustments should be made?

• A)Debit Purchases,credit Cost of Goods Sold.
• B)No adjustment is necessary.
• C)Debit Inventory,credit Accounts Payable.
• D)Debit Cost of Goods Sold,credit Accounts Payable.

Distinguish between different types of interest rates (APR, compound interest rate, effective annual rate).

Understand and apply the concept of the time value of money to evaluate financial decisions.

Differentiate between loans that are amortized and others.

Calculate the present value of immediate and deferred cash flows to compare financial options.

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Definitions:

Applied Manufacturing Overhead

Costs related to production that are not directly associated with the product but are allocated to it, such as utilities or maintenance expenses of the production facility.

Job Cost Sheet

A document that records the costs associated with a specific job, including materials, labor, and overhead.

Direct Labor-Hours

A measure of the total hours worked by employees directly involved in the production process.

Machine-Hours

A measure of production output or activity based on the number of hours that machines are operational.