Process Costing

Process Costing

University

40 Qs

quiz-placeholder

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Process Costing

Process Costing

Assessment

Quiz

Other

University

Medium

Created by

GLADYS ULITIN

Used 13+ times

FREE Resource

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Equivalent units of production are computed to assign costs to partially completed units.

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Process costing is applicable when manufacturing heterogeneous products.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The flow of costs through the manufacturing accounts is basically the same in both job order and process costing.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The EUP will be the same under FIFO method and weighted average method if there is no beginningwork in process inventory.

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The weighted average method combines work in process beginning and started in process finished and transferred units.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Using the process costing, the companies will use separate work in process account for each production department.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the weighted average method, the equivalent units used to compute the unit costs of ending inventories relate only to work done during the current period.

TRUE

FALSE

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