Process costing techniques should be used in assigning costs to products:
a. If the product is manufactured on the basis of each order received.
b. In all manufacturing situations.
c. When production is only partially completed during the accounting period.
d. If the product is composed of mass-produced homogeneous units.
d
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Chapter 13 bankruptcy filings are limited to
A. farms. B. individuals. C. individuals who own sole proprietorships. D. businesses.
In making a decision to diversify, managers should use value-creating reasons or face the risk that their firms will be acquired and they could lose their jobs. Which of the following is a value-creating reason to diversify?
A. Economies of scope B. Desire for increased compensation C. Reduced managerial risk D. Low performance
Which of the following bodies was created to deal with municipal accounting issues?
a. GASB b. FASB c. FAF d. EITF
A process costing system:
a. uses a separate work in process account for every department. b. uses one work in process account for the whole company. c. uses a separate work in process account for each type product. d. does not use work in process accounts. e. None of the answers are correct.