Which of the Following Is FALSE Concerning Process Costing

question 52

Multiple Choice

Which of the following is FALSE concerning process costing?

• A)Process costing can only be used in manufacturing.
• B)Process costing is used when outputs are homogeneous.
• C)In process costing, labour and overhead costs are often combined and classified as conversion costs.
• D)In process costing, some units will be incomplete at the end of the period.
• E)Process costing averages unit costs of production.

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Definitions:

Marriage Penalty

A situation in the tax code where married couples end up paying more combined tax than they would as two single individuals.

Taxable Income

The amount of an individual's or corporation's income used to determine how much tax is owed to the government.

File Jointly

The process by which a married couple combines their income and deductions to file a single tax return.

Adjusted Gross Income

Total income minus specific deductions, used to determine taxable income on an individual's tax return.