A Process Costing System Is Used by a Company That

question 175

Multiple Choice

A process costing system is used by a company that

• A)produces heterogeneous products.
• B)produces items by special request of customers.
• C)produces homogeneous products.
• D)accumulates costs by job.

---

Definitions:

Financing Statement

A document filed to give public notice of a secured creditor's interest in the property of a debtor, usually used in securing personal property transactions.

Secured Party

A lender or investor who has a legal right or interest in collateral pledged by a borrower to secure repayment of a loan.

Revised Article 9

An update to the Uniform Commercial Code that deals with secured transactions, outlining the rules regarding the granting of a security interest in personal property.

UCC

An all-encompassing body of laws, known as the Uniform Commercial Code, administers the conduct of commercial transactions throughout the United States.