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Damm [24]
3 years ago
15

Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement as true or f

alse.
1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion.
A. True
B. False
2. A process cost system is used when each finished unit is indistinguishable from another.
A. True B. False
3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting.
A. True B. False
4. In a process cost system, costs are tracked by individual jobs.select between True and False
5.Job order costing and process costing track different manufacturing cost elements.
A. True B. False
6. Both job order costing and process costing account for direct materials, direct labor, and manufacturing overhead.
A. True B. False
7. Costs flow through the accounts in the same basic way for both job order costing and process costing.
A. True B. False
8. In a process cost system, only one work in process account is used.
A. True B. False
9. In a process cost system, costs are summarized in a job cost sheet.
A. True B. False
10. In a process cost system, the unit cost is total manufacturing costs for the period divided by the equivalent units produced during the period.
A. True B. False
Business
1 answer:
Alex17521 [72]3 years ago
5 0

Answer:

Identification of True or False Statements:

1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion.

A. True

2. A process cost system is used when each finished unit is indistinguishable from another.

A. True

3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting.

A. True

4. In a process cost system, costs are tracked by individual jobs.select between

False

5.Job order costing and process costing track different manufacturing cost elements.

B. False

6. Both job order costing and process costing account for direct materials, direct labor, and manufacturing overhead.

A. True

7. Costs flow through the accounts in the same basic way for both job order costing and process costing.

A. True

8. In a process cost system, only one work in process account is used.

A. True

9. In a process cost system, costs are summarized in a job cost sheet.

B. False

10. In a process cost system, the unit cost is total manufacturing costs for the period divided by the equivalent units produced during the period.

A. True

Explanation:

A process costing system is a method of collecting and assigning manufacturing costs to the units produced.  It is used by companies that produce similar or identical units of product in batches employing a consistent process. The unit cost is arrived at by averaging units produced to the total cost of the process.

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"A registered representative who has passed the Series 63 examination wishes to sell managed accounts to customers in differing
Anastaziya [24]

Answer:

The remaining part of the question is:

Which statement is TRUE?

A. The registered representative needs no further licenses to sell managed accounts

B. The registered representative must pass either the Series 65 or Series 66 examination to sell managed accounts

C. The registered representative must post a surety bond prior to selling managed accounts

D. The registered representative is prohibited from selling managed accounts

<u>Correct Answer:</u>

B. The registered representative must pass either the Series 65 or Series 66 examination to sell managed accounts .

Explanation:

Managed or wrap accounts are defined as "investment advisers" in most states. As such, the firm selling managed accounts must register as an investment adviser; and the individuals selling managed accounts for these firms must register as "investment adviser representatives" and pass either the Series 65 or Series 66 examination.

5 0
3 years ago
The XYZ Corporation pays no cash dividends currently and is not expected to for the next five years. Its latest EPS was $18.00,
stellarik [79]

Answer:

current intrinsic value per stock = $26.35

Explanation:

year                      dividend              EPS

0                              0                       $18

1                               0                       $20.88

2                              0                       $24.22

3                              0                       $28.10

4                              0                       $32.59

5                              0                       $37.81

6                              $12.59              $41.97

growth rate up to year 5 = 16%

ROE growth rate starting year 6 = 11%

dividend growth rate starting year 6 = 11% x (1 - 30%) = 7.7%

cost of equity = 24%

horizon value at year 5 = $12.59 / (24% - 7.7%) = $77.24

current intrinsic value per stock = $77.24 / 1.24%⁵ = $26.35

4 0
3 years ago
As the acceptable level of detection risk increases for a given audit risk, an auditor may change the
Savatey [412]
<span>As the acceptable level of detection risk increases for a given audit risk, an auditor may change the timing of substantive procedures from year end to an interim date. Detection risk is the risk that audit procedures will not know a material wrong statement. It is related to the timing, extent and nature of procedures done to diminish audit risk to an acceptable level.
</span>
5 0
3 years ago
The budgeted factory overhead cost is $460,000, the budgeted direct labor hours 80,000, and the actual direct labor hours is 6,7
yarga [219]

Answer:

b. $68.65 per direct labor hour

Explanation:

Allocating based on direct labor hours, divide the total budgeted overhead cost with the actual labor cost.

$460,000/6700 hours

$68.65/hour

5 0
3 years ago
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