Match the Terms Below with the Correct Definitions

question 67

Multiple Choice

Match the terms below with the correct definitions.
-Person to whom a check is payable

• A)Petty Cash Fund
• B)Bank routing number
• C)Canceled checks
• D)Positive pay
• E)Payee
• F)Petty cash payments record
• G)Deposit slip
• H)Endorsement
• I)Change Fund
• J)Petty cash voucher

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Definitions:

Activity-Based Costing

is a costing methodology that assigns overhead and indirect costs to specific products or services based on their consumption of resources.

Activity-Based Costing

An accounting method that assigns costs to products based on the activities performed for the product, providing more accurate cost information.

Assembly Hours

The total time required to assemble a product, measured in hours, which reflects the labor input needed to complete production.

Overhead Cost

Indirect costs not directly associated with the production of a specific product or service, including expenses like rent, utilities, and administrative salaries.