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Author Question: In accounting for scrap, which of the following statements is true? (Read 74 times)

fox

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on: Mar 6, 2021

Question 1

If scrap, common to all jobs, is returned to the storeroom, the journal entry is ________.
◦ Accounts Receivable 
 Materials Control
◦ Materials Control
 Work-in-Process Control
◦ Work-in-Process Control 
 Materials Control
◦ Materials Control
 Manufacturing Overhead Control

Question 2

In accounting for scrap, which of the following statements is true?
◦ Normal scrap is accounted for separately from abnormal scrap.
◦ In accounting for scrap, there is no distinction between the scrap attributable to a specific job and scrap common to all jobs.
◦ Initial entries to scrap accounting records are most often made in dollar terms.
◦ Scrap records not only help measure efficiency, but also help keep track of scrap, and so reduce the chances of theft.
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by fox on Mar 6, 2021

chinwesucks

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Reply #1 on: Mar 6, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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fox

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Reply 2 on: Mar 6, 2021
YES! Correct, THANKS for helping me on my review

LegendaryAnswers

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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