Factory overhead is an inventory cost.

Select one:

True

False

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Credit memo is a document that will serve as a basis for crediting a seller's account for returned merchandise.

Select one:

True

False

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The entries of which are posted individually in the Accounts Receivable Subsidiary Ledger.

Select one:

a. Cash Payments Journal

b. Sales Journal

c. Cash Receipts Journal

d. Purchases Journal

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Salaries of plant supervisor.

Select one:

a. Direct Labor

b. Factory Overhead

c. Direct Materials

d. Selling, General, and Administrative Expenses

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Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. NSF check

b. Interest Income

c. Proceeds of bank loan deposited in the account of the depositor

d. Notes Receivable collected by banks in behalf of the depositor

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____pertains to the creation of a finished product either by hand or by machine.

Select one:

a. Manufacturing

b. Non-manufacturing costs

c. Factory overhead or manufacturing overhead

d. Manufacturing costs

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Zeroing the temporary accounts.

Select one:

a. Statement of Changes in Owner's Equity

b. Nominal accounts

c. Closing the accounts.

d. Accrued Expenses

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All the expenditures incurred in producing a good or a product is called ___________.

Select one:

a. Manufacturing

b. Factory overhead or manufacturing overhead

c. Manufacturing costs

d. Non-manufacturing costs

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Juan earned P200, 000 in rendering services. His total expenses are 40%. His net income is

Select one:

a. P120,000

b. P 200,000

c. P80,000

d. P320,000

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The right side of a T-account is used to record

Select one:

a. Increase in Asset

b. Increase in Liability

c. Decrease in liability

d. Decrease in revenue