A _____ Is Defined as All of the Elements That

question 33

Multiple Choice

A _____ is defined as all of the elements that make up the products and services delivered to customers.

• A)synthetic process
• B)value chain
• C)flow process
• D)supply chain

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Definitions:

Process Costing

An accounting methodology used for homogeneous products, attributing costs to units of product on an average basis.

Conversion Costs

Conversion costs are the costs incurred to convert raw materials into finished goods, and typically include direct labor and manufacturing overhead expenses.

Weighted-Average Method

A costing method for inventory that determines the cost of goods sold and the remaining inventory value by averaging the costs of all available units for sale throughout the period.

Equivalent Units

A concept in cost accounting that is used to allocate costs to the production process when there is more than one stage of production, converting work-in-process into complete units of output.