Which of the following companies is most likely to use a process costing system?
CMA I - Process Costing

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Other
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University
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Hard
Cheryl Lim
Used 15+ times
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12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A law office
A custom home builder
A car repair business
A food manufacturer
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A cost incurred in one processing department that s transferred to the next processing department is called a
Transferred-in cost
Split cost
Conversion cost
Overhead cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
When partially completed units are converted to a comparable number of completed units, they are referred to as?
Converted units
Equitable units
Equivalent units
Split-off units
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A process costing system is used by a company that?
Accumulates costs by job
Produces items by special request of customers
Produce homogeneous products
Produces heterogenous products
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Expected Output is equal to
Input – Abnormal Loss
Input – Normal Loss
Input – Abnormal Gain
NONE
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Process costing is applied when
small number of different products are manufactured
large number of different products are manufactured
large number of identical products are manufactured
small numbers of customized made-to-order products are manufactured
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Unit Cost is equal to
Normal Cost ÷ Normal Output
Total Cost ÷ Normal Output
Normal Cost ÷ Total Output
Total Cost ÷ Total Output
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