Original Cost of Equipment Is Adjusted at the End of the Accounting

question 93

True/False

Original cost of equipment is adjusted at the end of the accounting period.

Understand the process of refreshing PivotTable data and changing the data source.

Identify how to create and utilize PivotCharts effectively.

Know how to use Excel functions and features to retrieve and summarize data in PivotTables.

Recognize how to apply corrections, effects, and styles to pictures in worksheets.

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Definitions:

Costs Accounted For

The total costs assigned to completed units and units still in production, ensuring that all manufacturing costs are allocated according to the cost accounting method in use.

Beginning Work in Process Inventory

The inventory of partially finished goods at the start of an accounting period.

Equivalent Units

The product of the number of partially completed units and their percentage of completion with respect to a particular cost. Equivalent units are the number of complete whole units that could be obtained from the materials and effort contained in partially completed units.

Beginning Work in Process Inventory

The value of partially finished goods that are in production at the start of an accounting period.