Match the Terms Below with the Correct Definitions

question 55

Multiple Choice

Match the terms below with the correct definitions.
-Number assigned to an account

• A)Chart of accounts
• B)Journalizing
• C)General ledger account
• D)General ledger
• E)Journal
• F)Source documents
• G)Posting
• H)Account number
• I)General journal
• J)Cost principle

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Definitions:

Raw Material

Basic substances in their natural, modified, or semi-processed states used as an input for a manufacturing process.

Standard Costs

Predetermined costs for materials, labor, and overhead that are used as benchmarks for measuring actual performance and cost control.

Cost System

A method of accumulating, assigning, and absorbing costs in an organization, used for financial reporting and decision-making.

Raw Material

The basic material from which a product is made, often used in manufacturing or production processes.