Which of the following is incorrect regarding a job-order costing system?
A. Costs may be accumulated for a batch of work that contains many units of a product.
B. Unit cost is determined for each product or job.
C. Source documents are used to assign costs to the subsidiary accounts.
D. Costs are accumulated for homogenous products that are produced through a continuous process.
Answer: D
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Indicate whether the statement is true or false
Sales revenue for a sporting goods store amounted to $526,000 for the current period. All sales are on account and are subject to a sales tax of 10%. Which of the following would be included in the journal entry to record the sales transaction?
A) a debit to Sales Revenue for $526,000 B) a credit to Accounts Receivable for $526,000 C) a debit to Sales Tax Payable for $52,600 D) a debit to Accounts Receivable for $578,600
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What will be an ideal response?
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Answer the following statement true (T) or false (F)