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meriva
2 years ago
9

Process costing typically uses only one Work in Process Inventory account, while job order costing typically uses a separate Wor

k in Process Inventory account for each department.
a. True
b. False
Business
1 answer:
Tasya [4]2 years ago
6 0

Answer:

False.

Explanation:

Process costing typically uses only one Work in Process Inventory account, while job order costing typically uses a separate Work in Process Inventory account for each department. This is simply a false statement.

Process costing can be defined as a cost accounting method used for assigning manufacturing or production costs to the units of goods produced by a business firm over a specific period of time. It is mostly used by firms that produce a large quantity of homogeneous or similar products on a continuous basis. Process costing typically uses more than one Work in Process Inventory account because costing at each stage of production or manufacturing process.

Job order costing can be defined as a cost accounting method used to determine and accumulation of the cost of manufacturing each product or a single unit of production. Job costing order typically uses only one Work in Process Inventory account for each product.

<em>In conclusion, Process costing typically uses a separate Work in Process Inventory account for each department while job order costing typically uses only one Work in Process Inventory account for each product. </em>

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Suppose the incomes of buyers in a market for a particular normal good decrease and there is also a reduction in input prices. W
kirill [66]

Answer:

an indeterminate effect on equilibrium quantity and a fall in equilibrium price.

Explanation:

A normal good is a good whose demand increases when income increases and falls when income falls.

If income falls and the good is a normal good, demand would fall. This would lead to a fall in price and quantity.

If cost of input falls, the cost of production would fall and supply would increase. This would lead to an increase in quantity and a fall in price.

The combined effect would an indeterminate effect on equilibrium quantity and a fall in equilibrium price.

I hope my answer helps you

5 0
3 years ago
Read 2 more answers
The following transactions occur for Cardinal Music Academy during the month of October: Provide music lessons to students for $
givi [52]

Answer:

See explanation section

Explanation:

1. Debit     Cash                   $17,000

Credit            Service revenue (music)       $17,000

<em>Note: The academy receives cash by providing music services to the students.</em>

2. Debit     Prepaid Insurance          $4,200

Credit                    Cash                                 $4,200

<em>Note: The academy paid cash in advance to purchase insurance policy.</em>

3. Debit    Musical Equipment           $20,000

Credit                     Cash                                    $20,000

<em>Note: The academy paid cash for acquiring musical equipment.</em>

4. Debit     Cash                              $30,000

Credit             Notes payable                           $30,000

<em>Note: The academy borrowed cash by signing a notes from the bank.</em>

8 0
2 years ago
Geert Hofstede defines _____ as that component of our mental programming which we share with more of our compatriots as opposed
mylen [45]

Answer:

National Culture.

Explanation:

National Culture can be understood as a belief, customs, and traditions that are shared among the people of a sovereign nation. This may also include religious backgrounds and traditions, language and racial identity of the individuals. According to Geert Hofstede, National culture is very important while dealing with various cultural issues and processes. Therefore, he has identified national culture as the component of our mental programming, which we share with other citizens around the world. National culture acts as an identity proof as per one's nationality.

5 0
3 years ago
Jordan (single, age 30), a real estate broker (self-employed), had the following income and expenses:
natita [175]

Given:

Commission income  = $180,000

Medical insurance =  $10,000

Salary expense  = $40,000

Medical insurance premium paid for himself  = $7,000

Office rental expense  = $30,000

Medical expenses paid for himself  = 5,000

Computation of business income:

Business income = Total revenue - Total expenses

Business income = $180,000 - ($10,000 - $40,000 - $30,000)

Business income = $180,000 - $80,000

Business income = $100,000

Note: Self-incurred expenses are not included in business expenses.

Computation of AGI:

AGI = Business income - Deduction from schedule c

AGI = $100,000 - Medical insurance premium paid for himself  

AGI = $100,000 - $7,000

AGI = $93,000

Therefore, option "B" is the correct answer to the following question.

7 0
3 years ago
10. In what economic system do the government and the people make all of the decisions?
Sergeu [11.5K]
To add to my last answer: A Pure Market System is a more concise answer. 
5 0
2 years ago
Read 2 more answers
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