Which of the Following Statements Is Most Accurate

question 86

Multiple Choice

Which of the following statements is most accurate?

• A)In process costing,estimating the degree of completion of units is usually more accurate for conversion costs than for direct materials.
• B)The FIFO method includes the cost of the beginning Work in Process inventory account in calculating cost per equivalent units.
• C)The FIFO method computes equivalent units based only on production activity in the current period,ignoring the percentage of completion in beginning Work in Process inventory.
• D)The FIFO method of calculating equivalent units of production merges the work and the costs of the beginning inventory with the work and the costs done during the current period.
• E)It is not possible for there to be a significant difference between the cost of completed units between the weighted average and the FIFO methods.

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Definitions:

Extraversion

A personality trait characterized by sociability, enthusiasm, and assertiveness, indicating an outward turning of emotional energy.

Self-concept

An idea of the self constructed from the beliefs one holds about oneself and the responses of others.

Congruent

In psychology, congruence refers to harmony and alignment between an individual's internal feelings, thoughts, and their external behaviors and situation.

Gut Feelings

Intuitive judgments or responses that are not derived from conscious reasoning but rather from an individual's instinct or intuition.