When raw materials are purchased on account for use in a process costing system, the corresponding journal entry that should be recorded will include <u>A debit to the Work in Process Inventory</u>.
An easy journal entry is accounting access in which simply one account is debited and one is credited. using easy magazine entries is encouraged as a pleasant exercise since it's far easier to apprehend these entries.
In a nutshell: debits (dr) record all the money flowing into an account, whilst credits (cr) report all the cash flowing out of an account.
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that indicates an organization's debit and credit balances. The journal entry can consist of several recordings, every of that is either a debit or a credit score.
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Answer: c) having limited ability to respond to changes in product and quality
Explanation:
JIT or Just In Time is a system that eliminates waste, reduces the time of production and improves product quality by focusing on customers' wants and having as little lag as possible between order to delivery time.
It is based on rapid throughput, inventory is purchased in discrete quantities as at when needed and production is carried out based on customers' orders or what is believed will be sold. This system does not leave room for any variances in product or quality.
Answer:
yes, adjusting entries have been recorded in the general journal and posted to the ledger accounts
Answer:
tactical plan
Explanation:
Tactical plan -
It refers to the strategy acquired by the company in order to fulfil short - term plans or project , is referred to as tactical plan .
It is a short term strategy , with the time period of one to three years or even lesser in some cases .
Hence , from the given scenario of the question ,
The correct term is tactical plan .