In recording the entry to record the purchase of raw materials on account in a job order cost accounting system what account is debited? Group of answer choices work in process debit materials finished goods None of these

In recording the entry to record the purchase of raw materials on account in a job order cost accounting system what account is debited? Group of answer choices work in process debit materials finished goods None of these

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

In recording the entry to record the purchase of raw materials on account in a job order cost accounting system what account is debited?

Group of answer choices

work in process

debit materials

finished goods

None of these

Definition Definition Accounting technique that tracks the costs of materials, labor, and overhead for a particular job. The main purpose of job costing is to determine the profit or loss for each job. Repetitive work or poorly allocated employees can be addressed for the upcoming project through job costing.

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