Answer the following statements true (T) or false (F)
1. In a process costing system, with the exception of the first department, each department receives output from the prior department as a partially processed product.
2. In process costing, the cost object is the process and in job costing, the cost object is a job.
3. Process costing is applied to operations with repetitive production and customized products.
4. Process costing is applied to operations with repetitive production and noncustomized products.
5. In a process operation, all labor that is used exclusively by a single production department is considered to be direct labor.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
5. TRUE
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The primary external users of accounting information are investors and creditors
Indicate whether the statement is true or false
The trend for firms in regard to country risk assessment (CRA) is to
A. concentrate much more on CRA in making decisions about foreign activities. B. avoid it as an added cost in competitive markets. C. use CRA in obviously dangerous locations, but only in those situations, to control costs. D. hire consultants to reduce CRA insurance costs.
A laptop manufacturer has created a set of methods to deal with specific technical issues raised by customers. These methods can be referred to as _____.
A) ?tactical plans B) ?visionary plans C) ?single-use plans D) ?standing plans
____________, also known as customized or personalized pricing, refers to the practice of price discrimination
a. Critical ratio pricing b. Dynamic pricing c. Collective pricing d. Fixed pricing e. Classical pricing