Which of the Following Is the Last Step of the 5-Step

question 223

Multiple Choice

Which of the following is the last step of the 5-step process costing procedure?

• A)Summarize total costs to account for
• B)Assign total costs to units completed and to units in ending WIP Inventory
• C)Compute the cost per equivalent unit
• D)Summarize the flow of physical units

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Definitions:

Consolidated Statement

Financial reports that combine the accounting information of a parent company with its subsidiaries to present as a single entity.

Cash Flows

Cash flows refer to the net amount of cash and cash equivalents being transferred into and out of a business.

Book Value

The net value of a company's assets minus its liabilities, essentially representing the total value if it were liquidated according to the balance sheet.

Stockholders' Equity

The residual interest in the assets of a corporation after deducting liabilities, represented by the equity stockholders have from share investments and retained earnings.