Which One of the Following General Statements Is Correct -

question 39

Multiple Choice

Which one of the following general statements is correct -

• A) posting creates a permanent record of the accounting transaction
• B) you may type account numbers directly into account fields
• C) you may choose to change the session date from the maintenance menu
• D) all of the above

Determine the cost per equivalent unit using the FIFO method.

Compare the FIFO method to the weighted-average method in terms of cost control and cost assignment.

Evaluate the impact of beginning and ending work in process inventories on equivalent units and cost per equivalent unit under the FIFO method.

Interpret operating data to calculate equivalent units of production for materials and conversion costs.

---

Definitions:

Standard Costs

Predetermined costs to manufacture a product or deliver a service, used for budgeting and performance evaluation.

Direct Materials Price Variance

The difference between the actual cost of direct materials used in production and the expected (or standard) cost.

Actual Costs

The genuine expenses that are incurred in the production or acquisition of goods and services.

Standard Costs

Predetermined cost estimates relating to how much it should cost to produce a product or provide a service under normal conditions.