Time Ticket: Time ticket is a document that is used by the company is used to show the hours that a worker works during a period. Materials Ledger Card: Materials ledger card is a document which is prepared manually as to record the purchase and sale of all the raw materials assigned to the job. Voucher: Voucher is a document used to pay for something and to record discounts. It is also used as a medium of exchange of goods and services. Factory Overhead Account: Overheads are the cost and the expenses a company incurs on the manufacture or render of goods or services which are not directly related to the production. It does not include labor and direct material. Material Requisition: Material requisition is a source document used to list the items such as raw materials used in production and for manufacturing purposes. To identify : The correct description for the given terms.

Question

Want to see the full answer?

Answer 1

Question

Chapter 15, Problem 3QS

To determine

Time Ticket:

Time ticket is a document that is used by the company is used to show the hours that a worker works during a period.

Materials Ledger Card:

Materials ledger card is a document which is prepared manually as to record the purchase and sale of all the raw materials assigned to the job.

Voucher:

Voucher is a document used to pay for something and to record discounts. It is also used as a medium of exchange of goods and services.

Factory Overhead Account:

Overheads are the cost and the expenses a company incurs on the manufacture or render of goods or services which are not directly related to the production. It does not include labor and direct material.

Material Requisition:

Material requisition is a source document used to list the items such as raw materials used in production and for manufacturing purposes.

To identify: The correct description for the given terms.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Novak supply company a newly formed corporation , incurred the following expenditures related to the land , to buildings, and to machinery and equipment. abstract company's fee for title search $1,170 architect's fee $7,133 cash paid for land and dilapidated building thereon $195,750 removal of old building $45,000 LESS: salvage $12,375 $32,625 Interest on short term loans during construction…

Year Cash Flow 0 -$ 27,000 1 11,000 2 3 14,000 10,000 What is the NPV for the project if the required return is 10 percent? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. NPV $ 1,873.28 At a required return of 10 percent, should the firm accept this project? No Yes What is the NPV for the project if the required return is 26 percent?

The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6 Returned merchandise with an invoice amount of $13,500 ($18,000 list price less trade discount of 25%) purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise with a list price of $236,000 to customers who used VISA and who redeemed $8,000 of pointof- sale coupons. The cost…