The Four Steps Necessary to Complete a Cost of Production

question 29

Multiple Choice

The four steps necessary to complete a cost of production report in a process cost system are

• A) 2, 4, 3, 1
• B) 4, 2, 3, 1
• C) 2, 3, 4, 1
• D) 2, 3, 1, 4
• 1) allocate costs to transferred and partially completed units
• 2) determine the units to be assigned costs
• 3) determine the cost per equivalent unit
• 4) calculate equivalent units of production
• 5)The correct ordering of the steps is

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Definitions:

Affective Commitment

An employee's emotional attachment to, identification with, and involvement in a particular organization, which influences their willingness to continue working there.

Cognitive Dissonance

A psychological phenomenon where an individual experiences discomfort due to holding conflicting beliefs or attitudes.

Continuance Commitment

The degree to which employees remain with an organization due to perceived costs, economic or social, associated with leaving.

General Adaptation Syndrome

A three-stage response (alarm, resistance, exhaustion) that the body has to stress, proposed by Hans Selye, highlighting how stress affects physical health.