Homework Answers
Correct option is: Some services may require that a sequence of uniform processes be performed
Service means an act done by an individual or performed by any professional and it may require that some sequence is adopted while performing services
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2) Which is TRUE about services? (4pts) Some services may require that a sequence of uniform...
Question 7 Which of the following statements about process cost accounting is false? For production process...
Question 7 Which of the following statements about process cost accounting is false? For production process where homogeneous goods are continuously produced. Basic journal entries are similar to those for job order cost accounting. Cannot be applied to situations with an ending work in process. • Total cost is allocated between ending work in process plus units completed.
Which of the following statements is true about the difference in operating income between variable costing...
Which of the following statements is true about the difference in operating income between variable costing and absorption costing if the number of units in work-in- process and finished goods inventories increase? A) There will be no difference in net income. O B) Operating income computed using variable costing will be higher. c) The difference in operating income cannot be determined from the information given D) Operating income computed using variable costing will be lower.
Which of the following statements regarding cost accounting systems is not true? a.A company may use...
Which of the following statements regarding cost accounting systems is not true? a.A company may use a job order cost system for some of its products and a process cost system for other products. b.A job order cost system provides product costs for each quantity of product that is manufactured. c.A company must use either a job order cost system for all of its products and services or a process cost system for all of its products and services. d.Managers...
Which of the following statements about similarities between process costing and job-order costing are true? Gestion...
Which of the following statements about similarities between process costing and job-order costing are true? Gestion 18 of yet swered Gints out of 10 1. Both systems assign production costs to units of output. II. Both systems require extensive knowledge of financial accounting. III. The flow of costs through the manufacturing accounts is essentially the same. Remove flag Select one: a. I only. b. I and III. O cil and III. d. lll only Oe. I, II, and Ill.
Question #1 Which of the following statements is true? A. A manufacturer of paper would ordinarily...
Question #1 Which of the following statements is true? A. A manufacturer of paper would ordinarily use process costing rather than job-order costing. B The output of a processing department must be homogeneous in order to use process costing, C. If a company uses a process costing system it accumulates costs by processing department rather than by job. D. All of the above are true statements. Question #2 In a process costing system, the journal entry used to record the...
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing...
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing firms make a tangible product. They need to determine product costs for both inventory valuation and the calculation of cost of goods sold. The cost of inventory appears on the , and the cost of goods sold appears on the . (Wholesale or retail firms purchase a product that is already manufactured. The cost of such products, which are tangible, are carried at that...
Part I- True or False (22.5 points) 1. A production process may yield a tangible product...
Part I- True or False (22.5 points) 1. A production process may yield a tangible product or a service and their unique characteristics determine the best approach for developing a cost management system. 2. Inseparability means that production and consumption are inseparable for services. 3. The uniqueness of the products or units for cost accounting purposes relates to their common costs. 4. Activity level is the average activity usage over the long term and normal activity level is the production...
QUESTION 25 Which of the following are true about kinases? The products of the reactions they...
QUESTION 25 Which of the following are true about kinases? The products of the reactions they catalyze have less free energy than the substrates, even when ATP is produced O kinases are enzymes that catalyze ATP hydrolysis in order to move vesicles along the microtubules The acivity of kinases cannot be regulated, which is why reactions catalyzed by kinases tend to be irriversible.
Which of the following is (are) true regarding children's physical development (choose all that apply) a)...
Which of the following is (are) true regarding children's physical development (choose all that apply) a) It is a discontinuous process (so that most of the time, one cannot predict from early to later ages) b) It is a continuous process (so that you can easily predict from one time to the next) c) A child's motor development depends on his or her physical development d) Girls are often taller than boys until about age 9 when the trend reverses...
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term...
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term on the left with the best definition on the right. Note: Not all definitions will be used a. A detailed record of costs incurred to complete a specific job b. A source document that shows how a worker spent time each week. c. An accounting system used by companies to make standardized or homogeneous products or services d. An accounting system used by companies...
Question 7 Which of the following statements about process cost accounting is false? For production process where homogeneous goods are continuously produced. Basic journal entries are similar to those for job order cost accounting. Cannot be applied to situations with an ending work in process. • Total cost is allocated between ending work in process plus units completed.
Which of the following statements is true about the difference in operating income between variable costing and absorption costing if the number of units in work-in- process and finished goods inventories increase? A) There will be no difference in net income. O B) Operating income computed using variable costing will be higher. c) The difference in operating income cannot be determined from the information given D) Operating income computed using variable costing will be lower.
Which of the following statements about similarities between process costing and job-order costing are true? Gestion 18 of yet swered Gints out of 10 1. Both systems assign production costs to units of output. II. Both systems require extensive knowledge of financial accounting. III. The flow of costs through the manufacturing accounts is essentially the same. Remove flag Select one: a. I only. b. I and III. O cil and III. d. lll only Oe. I, II, and Ill.
Question #1 Which of the following statements is true? A. A manufacturer of paper would ordinarily use process costing rather than job-order costing. B The output of a processing department must be homogeneous in order to use process costing, C. If a company uses a process costing system it accumulates costs by processing department rather than by job. D. All of the above are true statements. Question #2 In a process costing system, the journal entry used to record the...
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing firms make a tangible product. They need to determine product costs for both inventory valuation and the calculation of cost of goods sold. The cost of inventory appears on the , and the cost of goods sold appears on the . (Wholesale or retail firms purchase a product that is already manufactured. The cost of such products, which are tangible, are carried at that...
Part I- True or False (22.5 points) 1. A production process may yield a tangible product or a service and their unique characteristics determine the best approach for developing a cost management system. 2. Inseparability means that production and consumption are inseparable for services. 3. The uniqueness of the products or units for cost accounting purposes relates to their common costs. 4. Activity level is the average activity usage over the long term and normal activity level is the production...
QUESTION 25 Which of the following are true about kinases? The products of the reactions they catalyze have less free energy than the substrates, even when ATP is produced O kinases are enzymes that catalyze ATP hydrolysis in order to move vesicles along the microtubules The acivity of kinases cannot be regulated, which is why reactions catalyzed by kinases tend to be irriversible.
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term on the left with the best definition on the right. Note: Not all definitions will be used a. A detailed record of costs incurred to complete a specific job b. A source document that shows how a worker spent time each week. c. An accounting system used by companies to make standardized or homogeneous products or services d. An accounting system used by companies...
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