Which of the following statements is NOT true of manufacturing company accounting?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Which of the following statements is NOT true of manufacturing company accounting?

a.Materials inventory represents the raw materials purchased by the company to use in the production of its product(s).
b.Inventories are divided into three separate accounts.
c.Factory overhead shows both a debit and a credit balance on the work sheet.
d.Factory overhead debits represent the overhead that has been applied to production.
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