Accounting knowledge Quiz # 4

Scientific method models link __________ with __________.

Proven variables; non proven variables

Discovered variables; undisclosed variables

Specific variables; contingency variables

Independent variables; dependent variables

Highty publicized variables; undisclosed variables

Both job order costing and process costing ________.

Maintain a single Work-in-Process Inventory account

Treat all period costs as product costs

Follow last-in, first-out method for inventory valuation

Have the same type of product costs

A company should ________ when projecting cash receipts for a given month.

Include only cash collections from sales made in that month

Only list COD sales made in that month

Only list credit sales made in that month

Include cash to be collected in that month regardless of when the

Amounts owed for products or services purchased on account are called ________.

Accounts payable

Unearned revenue

Warranty payable

Accrued expense