In a Process-Costing System,manufacturing Costs Are Accumulated By

question 61

Multiple Choice

In a process-costing system,manufacturing costs are accumulated by:

• A)batch.
• B)batch and time period.
• C)department.
• D)department and time perioD.
• E)department or process,and time period.

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Definitions:

Distribution

The payment of assets from a fund or account to its beneficiaries or shareholders, such as dividends or withdrawals.

Reduction in Basis

A decrease in the tax basis of an asset, which could result from deductions such as depreciation, or after receiving tax-free returns of capital.

Self-employment Income

Income earned from conducting a business or profession as a sole proprietor, independent contractor, or freelancer, subject to self-employment tax.

Nondeductible Expense

A cost incurred by a taxpayer that cannot be deducted from income when calculating taxes owed.