Managerial Financial Accounting Chapter 3 Practice Quiz

Managerial Financial Accounting Chapter 3 Practice Quiz -...

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Self Study, Question 1
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Correct. Cost per equivalent unit is the costs associated with units received from a preceding department for further processing. False True Self Study, Question 2 Correct. Conversion costs are the costs in a process costing system. False True Self Study, Question 3 Correct. Cost per equivalent unit is the cost associated with changing units of direct materials into finished products; they include both direct labor and manufacturing overhead. True
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False Self Study, Question 4 Correct. Equivalent costs are the quantities of partially completed units expressed in terms of whole units. False True Self Study, Question 5 Correct! Process costing is accomplished in operations where homogeneous or continuous products are generated such as producing white paint or low fat milk. Which one(s) of the following characteristics are associated with a process costing system? Heterogeneous products. Costs are traced to jobs.
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Discontinuous production. Self Study, Question 6 Correct! The soap manufacturer, a producer of a product that is homogeneous within itself, can be produced day-in and day-out without interruption. The best example of a business requiring a process costing system would be a(n): automobile repair shop. custom cabinet shop. antique furniture restorer. soap manufacturer. Self Study, Question 7
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This note was uploaded on 08/02/2011 for the course MGMT 425 taught by Professor Brown/lexner during the Spring '11 term at Kaplan University.

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Managerial Financial Accounting Chapter 3 Practice Quiz -...

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