Cornerstones of Managerial Accounting Study Set 1

Which type of costing system works best with a large number of homogeneous products?

Which of the following businesses is most likely to use process costing?

Which of the following businesses is most likely to use process costing?

Which costing system is most likely to be used by manufacturer that produces unique products?

Which of the following companies would be least likely to use a process-costing system?

Which statement is a characteristic of process accounting?

What type of service firm would not likely use process costing?

For which of the following businesses is process costing is most appropriate?

What type of business would likely use process costing?

What types of inputs are normally found in a process-costing accounting system?

Which of the following best describes sequential processing?

Which of the following best describes parallel processing?

Which of the following best describes parallel processing?

Which of the following best describes sequential processing?

Which of the following is a cost transferred from a prior process to a subsequent process?

Which of the following is the cost of partially completed goods from a prior period?

When should process costing techniques be used in assigning costs to products?

Suppose that finished units are now in the last (final)department.To which account will the cost of the finished units flow from the work-in-process account?

Which goods are moved from a prior department to subsequent department?

Which account do the costs of completed products move to after work-in-process?