Under the Weighted Average Method, Once Weighted Average Equivalent Units

question 39

Multiple Choice

Under the weighted average method, once weighted average equivalent units are calculated then the first-in, first-out equivalent units can be obtained by subtracting out:

• A)equivalent units in ending work in process.
• B)units completed and transferred out.
• C)units in ending work in process.
• D)the prior-period output found in beginning work in process.

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Definitions:

Bank Reconciliation

Bank reconciliation is the process of matching and comparing the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement.

Deposits In Transit

Refers to cash and checks that have been received and recorded by an entity but have not yet been deposited in the bank account.

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those presented on a bank statement to see if they are consistent.

Company Books

Official records maintained by a business documenting its financial transactions and activities.