Michael-Inc

question 6

Multiple Choice

Michael-Inc. uses a process-costing system. A newly hired accountant has identified the following procedures that must be performed by the close of business on Friday: 1-Calculation of equivalent units
2-Analysis of physical flows of units
3-Assignment of costs to completed units and units still in process
4-Calculation of unit costs
Which of the following choices correctly expresses the proper order of the preceding tasks?

• A)1, 2, 3, 4.
• B)1, 2, 4, 3.
• C)1, 4, 3, 2.
• D)2, 1, 4, 3.
• E)2, 1, 3, 4.

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Definitions:

Buyers

Individuals or entities that purchase goods or services for personal use, resale, or as part of a business operation.

Sellers

Individuals or entities that offer goods or services for sale to consumers or other businesses.

Smart Cards

Portable memory cards with embedded integrated circuits that are capable of processing and storing data, and securely managing, transferring, and communicating information.

Magnetic Stripe

A strip of magnetic tape used to store data, commonly found on the back of cards such as credit and debit cards, allowing them to be read by swiping through a magnetic reading device.