The Statement of Financial Position at December 31, 2014 Reports

question 75

Multiple Choice

The statement of financial position at December 31, 2014 reports equity of

• A) €420,000.
• B) €330,000.
• C) €180,000.
• D) €162,000.

---

Definitions:

Process Cost Accounting System

A method of accounting used by companies that produce similar or identical units of product in batches employing a consistent process.

Continuous Production

A manufacturing process where production runs 24 hours a day, typically 7 days a week, without interruption.

Like Units

Units of product that are identical or nearly identical in their functions or physical properties.

Materials Requisition

The form or electronic transmission used by a manufacturing department to authorize materials issuances from the storeroom.