Asked by Walter Enrique on May 03, 2024
Verified
Entry (4) in the T-account below represents raw materials requisitioned for use in production.
Raw Materials Requisitioned
The process of asking for or ordering raw materials needed for production.
T-account
A graphic representation of a general ledger account, used for teaching, analysis, and informal record-keeping.
- Classify different kinds of costs and their incorporation into manufacturing accounting practices.
Verified Answer
CP
Christopher PetsanasMay 08, 2024
Final Answer :
True
Explanation :
T-accounts are used in accounting to track transactions and account balances. Entry (4) in the T-account represents raw materials requisitioned for use in production, which is a transaction that would increase the raw materials inventory account and decrease the accounts payable account. Therefore, the statement is true.
Learning Objectives
- Classify different kinds of costs and their incorporation into manufacturing accounting practices.