A Calendar Year Is

question 94

Multiple Choice

A calendar year is:

• A) any 12-month period.
• B) a 12-month period beginning January 1 and ending on December 31.
• C) always the same as the company's fiscal year.
• D) None of the above answers are correct.

Distinguish between process costing and job order costing systems based on the cost object.

Recognize how direct labor, direct materials, and factory overhead are accounted for in process costing.

Identify the usage of Work in Process Inventory accounts for each production process or department in a process costing system.

Understand the treatment of indirect materials and factory overhead costs in process costing.

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