Which of the Following Characteristics Applies to Process Costing but Not

question 60

Multiple Choice

Which of the following characteristics applies to process costing but not to job costing?

• A)Identifiable batches of production.
• B)Average costs.
• C)Equivalent units.
• D)Application of overhead.
• E)Use of standard costs.

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Definitions:

Credit Columns

The sections on the right side of accounting ledgers where credit transactions are recorded.

Chart Of Accounts

A systematic listing of all account titles and numbers being used by an organization to track its financial transactions and prepare financial statements.

Ledger

A comprehensive book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debit and credit entries in separate columns and a beginning and ending balance for each account.

Working Paper

Documents prepared by accountants during an audit that summarize the findings and support the final report.