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3 years ago

Process costing is applied to operations with repetitive production and customized products. True or False

Business

1 answer:

Advocard [28]3 years ago

3 0

Answer:

False

Explanation:

Process costing systems are usually applied by companies that mass produce large volumes of standardized or nearly identical units on a continuous basis. It is not applied in the manufacturing of customized units.

The main advantages of process costing systems are that they are more flexible when management wants to introduce changes to the production process, and it can be used by management to determine which processes or materials can be targeted in order to lower costs.

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**Verifiability means that the accounting information:

Svetlanka [38]

Accounting information that has verifiability is one that D. must be capable of being checked for accuracy, completeness and reliability.

<h3>What is verifiability in accounting?</h3>

in accounting, data is considered to be verifiable if a third party can come up with the same information given the chance.

for this to happen, the data needs to be capable of being checked for completeness and reliability.

find out more on verifiability in accounting at brainly.com/question/17031030.

#spj1

7 0

2 years ago

Diaz Company owns a machine that cost $125,500 and has accumulated depreciation of $91,800. Prepare the entry to record the disp

natta225 [31]

Answer:

Accumulated Depreciation $91,800

Loss on Disposal $33,700

Machine Account $125,500

Cash $35,000

Accumulated Depreciation $91,800

Profit on Disposal $1,300

Machine Account $125,500

Cash $68,000

Accumulated Depreciation $91,800

Profit on Disposal $34,300

Machine Account $125,500

Cash $80,000

Accumulated Depreciation $91,800

Profit on Disposal $46,300

Machine Account $125,500

Explanation:

The situations were missing which were as follow:

1. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return.

2. Diaz sold the machine for $35,000 cash.

3. Diaz sold the machine for $68,000 cash.

4. Diaz sold the machine for $80,000 cash.

Journal Entries are made according to these.

6 0

3 years ago

Blossom Company purchased a new machine on October 1, 2017, at a cost of $66,000. The company estimated that the machine has a s

Ugo [173]

Answer:

Results are below.

Explanation:

Giving the following information:

Purchase price= $66,000

Salvage value= $5,700

Useful life= 6

F<u>irst, we need to calculate the annual depreciation using the following formula:</u>

<u></u>

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (66,000 - 5,700) / 6= 10,050

Annual depreciation= (10,050/12)*3= $2,512.5

Annual depreciation= $10,050

8 0

4 years ago

The Inferior Goods Co. stock is expected to earn 13% in a recession, 7% in a normal economy, and lose 6% in a booming economy. T

Natalka [10]

Answer:

Ans. The expected rate of return on the Inferior Goods Co. stock is 5.90%

Explanation:

Hi, you just have to multiply the expected earnings by the probability of occurance of a certain event and then add up all the products. Here is the information all organized to be processed.

Item Prob Earn

Booming 20% -6%

Normal 55% 7%

Recession 25% 13%

Ok, now let´s calculate the expected rate of return.

$ExpectedReturn=(0.2*(-0.06))+(0.55*0.07)+(0.25*0.13)$

$ExpectedReturn=-0.012+0.039+0.033=0.059$

So the expected rate of return of the stock is 5.90%

Best of luck.

8 0

3 years ago

Hen a note receivable is honored, cash is debited for the note's ________ value

adelina 88 [10]

Maturity Value.

Hope that helps! (:

7 0

4 years ago