Asked by Tristen Adams on May 21, 2024
Verified
Entry (1) in the below T-account represents the purchase rather than use of raw materials.
T-account
A visual representation of a general ledger account, showing debit and credit transactions and the resulting balance.
Raw Materials
The basic substances used in the production of goods, often processed in several steps before becoming part of the final product.
- Distinguish between different types of costs and their treatment in manufacturing accounts.
Verified Answer
DA
Dhruv AgheraMay 28, 2024
Final Answer :
True
Explanation :
The T-account shows that raw materials have been debited, indicating a purchase of raw materials, rather than a credit, which would indicate the use of raw materials.
Learning Objectives
- Distinguish between different types of costs and their treatment in manufacturing accounts.