In A(n)_______________ System,individual Jobs Differ in the Extent to Which

question 73

Multiple Choice

In a(n) _______________ system,individual jobs differ in the extent to which they use quantities of production resources,so it would be incorrect to use average production costs for different jobs.

• A)job-costing
• B)process costing
• C)hybrid
• D)accounting

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Definitions:

Residual Value

The anticipated amount an asset is expected to be worth when it is sold after reaching the end of its usability.

Units-of-Production Method

A depreciation approach based on the actual usage, operational output, or units of production of the asset, rather than on time alone.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life to account for the decrease in value over time.

Double Diminishing-Balance

The double declining balance method is an accelerated depreciation technique that doubles the normal depreciation rate, reducing the value of an asset more quickly in its early years.