Process costing is very different from job costing. While one is the accumulation of dingle costs throughout the process the other is an accumulation of all cost involved for a process. Do you believe you can distinguish the two? Take up the quiz below and find out. All the best!
Total costs to account for divided by total equivalent units
Total equivalent units divided by total costs to account for
Costs in beginning WIP inventory divided by equivalent units in beginning WIP
Costs added to production during the month divided by equivalent units in ending WIP
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Debit to manufacturing overhead
Debit to WIP inventory
Credit to manufacturing overhead
Credit WIP inventory
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Both direct labor and manufacturing overhead
Both direct labor and direct materials
Both direct materials and conversion costs
Neither direct materials nor conversion costs
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Direct materials and conversion costs.
Direct labor and conversion costs.
Manufacturing overhead and conversion costs.
Direct materials and direct labor.
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Debit to WIP inventory
Debit to raw materials inventory
Debit to finished goods inventory
Credit to finished goods inventory
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Prime costs.
Operating costs.
Equivalent costs.
Conversion costs.
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Debit to finished goods inventory
Debit to WIP inventory-assembly
Credit to raw materials inventory
Credit to WIP inventory-assembly
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Accounting 202 - Chapter 5.1
Do you feel confident that what we covered in the previous class on processes costing is now well understood? Take up the quiz and let the score show if you are ready to dive...
Questions:
14 |
Attempts:
515 |
Last updated:
Mar 22, 2023
|
F2 Mock Exam
The 'f2 mock exam' assesses knowledge in process costing within chemical manufacturing and other industries. It tests understanding of normal and abnormal losses,...
Questions:
10 |
Attempts:
767 |
Last updated:
Mar 21, 2023
|
Accounting 202 - Chapter 5.1
Do you feel confident that what we covered in the previous class on processes costing is now well understood? Take up the quiz and let the score show if you are ready to dive...
Questions:
14 |
Attempts:
515 |
Last updated:
Mar 22, 2023
|