Select your language

Suggested languages for you:
Log In Start studying!
Answers without the blur. Just sign up for free and you're in → Illustration

Q.18-11RQ

Expert-verified
Horngren'S Financial And Managerial Accounting
Found in: Page 1006

Short Answer

Question: Explain the terms to account for and accounted for.

Answer:

The term account for includes the amount in process at the beginning of the period plus the amount started or added during the period.

The term accounted for shows what happened to the amounts to account for. They are either still in the process or completed and transferred out.

See the step by step solution

Step by Step Solution

Step 1: Meaning of ‘Account for’

Account for is explained as the aggregate of the amount balance in work in process at the beginning of the period and the amount introduced during the year and the amount started during the year.

Step 2: Meaning of ‘Accounted for’

The accounted for explains whether the amount introduced in production process during the year is still in process or it is completed. It also explains the amount of production process transferred to other process or finished goods.

Most popular questions for Business-studies Textbooks

Icon

Want to see more solutions like these?

Sign up for free to discover our expert answers
Get Started - It’s free

Recommended explanations on Business-studies Textbooks

94% of StudySmarter users get better grades.

Sign up for free
94% of StudySmarter users get better grades.