Which of the Following Is Correct with Regard to Private

question 238

Short Answer

Which of the following is correct with regard to private accountants?
They are hired by business firms who do not want to use the services of CAs or CGAs.
They are employed by business firms in areas such as marketing research, law, and production technology.
They are becoming less common as CAs, CGAs, and CMAs become more prominent and skilled.
They are almost exclusively found at the head office of business firms.
They are hired to deal with companies' day-to-day accounting needs.

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Definitions:

Work In Process Inventory

Inventory category in manufacturing representing goods that have been started but not yet completed, highlighting a transition state in production.

Transferred Out

In accounting, it refers to the cost of goods or inventory that has been moved from one production process or department to another in the course of manufacturing.

Weighted-Average Method

A method for computing the cost of goods sold and the remaining inventory value that uses the mean cost of all available units.

Process Costing System

An accounting system used for homogenous products that are mass-produced, assigning costs to units of product based on the process they go through.