Accounting Midterm #2 Study Guide
Chapter 4: Process Costing
Process costing: used most commonly in industries that convert raw materials into
homogeneous (uniform) products, such as bricks, soda, or paper, on a continuous basis.
Process Costing vs. Prod
Chapter 1: Part A
What is Financial Accounting?
Financial accounting is the process that identifies, measures,
and communicated financial information about economic
entities to EXTERNAL parties
Deals with external users of the firm
Think about them wh