Which of the following statements is true of process costing?
A) It uses one Work-in-Process Inventory account.
B) It tracks and assigns both period costs and product costs to units produced.
C) It accumulates product costs by production departments.
D) It assigns manufacturing overhead costs to products only in the last production process.
C
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Which statement is NOT true? REA resources are:
a. assets b. affected by support events c. scarce d. under the control of agents
Common-size statements ________.
A) allow the users to compare numbers in relative terms rather than absolute amounts B) report dollar amounts and percentages C) create a dollar value bias D) show the same percentages that appear in a horizontal analysis
Which of the following costs do NOT change in total despite changes in volume within the relevant range?
A) fixed costs B) variable costs C) mixed costs D) total production costs
The debit recorded in the journal to reimburse the petty cash fund is to
A) Petty Cash B) Accounts Receivable C) Cash D) various accounts for which the petty cash was disbursed