Equivalent unit or equivalent production comprises the

Reference no: EM13581437

(1) Which of the following statements is true,
(a) Process costing is ordinarily applied where all the operations are performed in one department.
(b) Equivalent unit or equivalent production comprises the units completed during the period together with equivalent completed units, represented in the beginning and ending WIP inventories.
(c) Job Costing and process costing cannot be simultaneously used in the same industry.
(d) The cost of abnormal process loss is not included in the cost of the process.

(2) Which of the following statements is true,
(a) In process costing, ordinarily no distinction is made between direct and indirect materials.
(b) There is no difference between the terms %u2018co-products%u2019 and %u2018joint products%u2019.
(c) Operating costing is the same as operation costing
(d) Neither a nor b nor c

(3) The main purpose of accounting of joint products, and by-products is to,
(a) Determine profit or loss on each product line
(b) Determine the selling price .
(c) Comply with the statutary requirements
(d) Identify the cost and load it on the main product

Reference no: EM13581437

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