Accounting Can Be Divided into Two Broad Branches

question 3

Multiple Choice

Accounting can be divided into two broad branches. They are:

• A) public and private.
• B) commercial and non-commercial.
• C) management and financial.
• D) taxation and management.

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Definitions:

Direct Materials

Raw materials that are directly traceable and integral to the finished product in the manufacturing process.

Work In Process

This refers to the goods that are in the middle of the manufacturing process but are not yet complete.

Process Cost System

An accounting method used to track production costs for continuous production processes, allocating costs to units of product.

Shampoo Manufacturer

A company that specializes in producing shampoo products, from formulation and blending to packaging and distribution.