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Quiz - BUS 121 Ch. 4 _1B

Quiz - BUS 121 Ch. 4 _1B - true 6 The component calculation...

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NAME CHRISTINE DONALDSON SCORE ______________ BUS 121: Managerial Accounting Chapter 4 Quiz #1 T/F Questions: (1 point each) true 1. Process costing systems are best suited for production of large quantities of relatively homogeneous products. false 2. Under the Weighted Average method of process costing, the cost per equivalent unit “completed and transferred” actually comes from the current period only. false 3. Using the FIFO method of process costing results in each unit that is “completed and transferred” receiving one full equivalent unit of material and conversion. true 4. One major advantage of the Weighted Average method of process costing is that it is typically simpler and easier to use than the FIFO method. false 5. It would be accurate to say that the Production Report Schedules are to Process Costing as the Job Cost Sheet (or Job Cost Summary Sheet) is to Job Order Costing.
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Unformatted text preview: true 6. The component calculation of equivalent units in the ending WIP Inventory will be the same under both the FIFO and the Weighted Average methods of process costing. MC Questions: (2 points each) 1. Which of the following characteristics applies to process costing, but does not apply to job-order costing? A.) the need for averaging. B.) the use of predetermined overhead rates. C.) the use of equivalent units. D.) separate, identifiable jobs. The answer is C 2. A process costing system: A.) uses a single WIP account for the entire company. B.) uses a separate WIP account for each processing department. C.) uses a separate WIP account for each type of product produced. D.) does not use a WIP account in the accounting records. The answer is B...
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