Match each of the following phrases with the term (a-e) that it most closely describes it. Each term will be used only once.
-Prepared when materials that have been ordered are received and inspected
A)Job cost sheets
B)Materials requisitions
C)Receiving report
D)Time tickets
E)Cost allocation

Question

Quizplus · Accepted Answer

A receiving report is prepared when materials that have been ordered are received and inspected. It is a document that verifies the receipt of goods and serves as a control over the receipt of materials into the warehouse.

The other options are:
A) Job cost sheets: These are documents that record the direct materials, labor, and overhead costs associated with a particular job to determine its total cost.
B) Materials requisitions: These are documents that authorize the release of materials from the inventory to the production floor or job site.
D) Time tickets: These are documents used to record the amount of time an employee has spent working on a particular job or task.
E) Cost allocation: This refers to the process of assigning indirect costs to cost objects (such as products, services, or departments) using a systematic approach.

Match Each of the Following Phrases with the Term (A-E)