20 - True/False 1 In a process manufacturing system only...

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True/False 1. In a process manufacturing system, only one process is in progress at any particular point in time. (False) All of the processes are going on and on at the same time. 2. In a process cost accounting system, a department’s production should be measured in terms of equivalent units when its beginning or ending inventory includes goods in process. (True) 3. Equivalent units of production need to be determined only if a process in department adds material and labor to its products at different ways. (False) We still have to determine and calculate EUP in order to assign cost of finished goods and goods in process. 4. A process cost summary report shows the cost of a particular job manufactured during the recording period. (False) We have no jobs in process costing accounting. 5. The managers of process manufacturing systems focus on the series of processes needed to complete the production of their products. (True) 6. A service department is an organizational unit of factory that has to responsibility for providing support for the work of the production department. (True)
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This note was uploaded on 04/02/2012 for the course ECON 1 taught by Professor 1 during the Spring '12 term at The University of Oklahoma.

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20 - True/False 1 In a process manufacturing system only...

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