The Appropriate Cost Accounting System to Use When Inventory Items

question 37

Multiple Choice

The appropriate cost accounting system to use when inventory items are produced on an assembly line is

• A)weighted average.
• B)job-order costing.
• C)process costing.
• D)perpetual method.

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Definitions:

Usage Of Trade

Usage of trade refers to the regular practices and methods of dealing in a certain business or trade, which can be considered in interpreting contracts.

Unconscionability

A legal principle related to contracts that are so one-sided or unfair to one of the parties that they are considered voidable.

Unconscionability

A contract term that is so unjust or overwhelmingly one-sided in favor of the party who has the superior bargaining power.

Contract Negotiating Procedures

The systematic steps and methods used during the process of reaching an agreement on contractual terms.