Chapter21Quiz
Started:Feb21at12:27pm
QuizInstruc䀀ons
2pts
Question1
True
False
Processcostaccountingfocusesontheprocessinvolvedinmassproducingproductsthatareverysimilarinnature.
2ptsQuestion2
True
False
Inaprocesscostsystem,totalcostsaredeterminedattheendofamonthoryear.
2ptsQuestion3
True
False
Separateworkinprocessaccountsaremaintainedforeachproductiondepartmentormanufacturingprocessinaprocess
costsystem.
2pts
Question4
True
False
Equivalentunitsofproductionareusedtodeterminethecostperunitofcompletedproducts.
2pts
Question5
True
False
Equivalentunitsofproductionisthesumofunitscompletedandtransferredoutplusequivalentunitsofbeginningworkin
process.
2pts
Question6
True
Therearenounitsinprocessatthebeginningoftheperiod,1,500unitsinprocessattheendoftheperiodthatare40%
complete,and15,000unitstransferredoutduringtheperiod.Basedonthisinformation,therewere14,400equivalentunits
ofproductionduringtheperiod.