At the end of the accounting period, most companies close variance accounts to:
A. Raw-Material Inventory.
B. Finished-Goods Inventory.
C. Work-in-Process Inventory.
D. Cost of Goods Sold.
E. Income Summary.
Answer: D
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A. is used by local governments to make the voting process in elections more efficient B. has been used by the packaging industry C. is required for ISO certification D. is applicable only to the service industry
PPG Industries is a producer of glass for windows. It likely sells its products in the consumer market
Indicate whether the statement is true or false
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Answer the following statement true (T) or false (F)
The worksheet
A) is an integral part of the accounting cycle B) eliminates the need to rewrite the financial statements C) is a working paper that is required D) is used to summarize account balances and adjustments for the financial statements