Decreases in equity from costs of providing products or services to customers are called:
A. Liabilities.
B. Expenses.
C. Equity.
D. Owner's Investment.
E. Withdrawals.
Answer: B
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Which of the following is not a characteristic of job-order costing?
A) Wide variety of distinct products B) Unit cost is computed by dividing process costs of the period by the units produced in the period C) Unit cost computed by dividing total job costs by units produced on that job D) Costs accumulated by job E) typically, the cost of one job is different from that of another job
The Homer Corporation produces two products, and reports the following production and cost information for the most recent accounting period. Product A Product BNumber of units produced 10,000units 2,000unitsDirect labor @ $20 per direct labor hour (DLH) 0.50DLH per unit 2.00DLH per unitDirect materials cost$2per unit $30per unit Overhead costs:Total Cost ActivityDriverProduct AProduct BMachine setup$1,200.00 setups5setups15setupsQuality inspections 24,000.00 inspections60inspections140inspectionsTotal$25,200.00 Using activity-based costing to assign overhead costs, the total product cost per unit for Product B is:
A. $13.40 per unit B. $78.85 per unit C. $75.60 per unit D. $12.75 per unit E. $14.60 per unit
Which of the following is considered a part of cash flow from a financing activity in a statement of cash flow?
A. ?Increase in corporate bonds B. ?Decrease in accrued wages C. ?Increase in inventories D. ?Decrease in accounts payable E. ?Increase in fixed assets
Patrick Manufacturing Systems uses job order costing and a perpetual inventory system. When recording the sale of a job, which account(s) is(are) credited?
What will be an ideal response