Cornerstones of Managerial Accounting Study Set 1

Business

Quiz 6 :
Process Costing

Quiz 6 :
Process Costing

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

B

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

A

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

C

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Which costing system is most likely to be used by manufacturer that produces unique products?
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Which of the following companies would be least likely to use a process-costing system?
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Which statement is a characteristic of process accounting?
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What type of service firm would not likely use process costing?
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For which of the following businesses is process costing is most appropriate?
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What type of business would likely use process costing?
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What types of inputs are normally found in a process-costing accounting system?
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Which of the following best describes sequential processing?
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Which of the following best describes parallel processing?
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Which of the following best describes parallel processing?
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Which of the following best describes sequential processing?
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Which of the following is a cost transferred from a prior process to a subsequent process?
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Which of the following is the cost of partially completed goods from a prior period?
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When should process costing techniques be used in assigning costs to products?
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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?
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Which goods are moved from a prior department to subsequent department?
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Which account do the costs of completed products move to after work-in-process?
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