When Using a Standard Costing System,which of the Following Should

question 40

Multiple Choice

When using a standard costing system,which of the following should be recorded to transfer

• A)Debit finished goods for actual cost and credit work in process for actual cost
• B)Debit finished goods for standard cost and credit work in process for standard cost
• C)Debit finished goods for standard cost and credit work in process for actual cost
• D)Debit finished goods for actual cost and credit work in process for standard cost

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Definitions:

Personal Property

Assets or belongings that are not permanently attached to, or part of, real estate.

Testate Succession

The legal process of distributing a deceased person's assets in accordance with their will.

Intestate Succession

The process by which the property of a deceased person is distributed when they die without a valid will, based on laws of the state or country.

Life Estate

An ownership interest in which the holder has the right to possess the property until her or his death.