Which of the Following Is Not a Component of Process

question 71

Multiple Choice

Which of the following is not a component of process costing systems?

• A) Multiple Work in Process accounts.
• B) Cost of production report.
• C) Job cost sheet.
• D) None of these answers are correct.

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Definitions:

Gratuitous Bailment

A gratuitous bailment occurs when one party, the bailor, temporarily transfers possession of property to another, the bailee, without expectation of payment or benefit.

Perishable Goods

Items, typically foodstuffs, that spoil or decay relatively quickly and therefore require special handling and storage.

Common Carrier

A business or service that is licensed to transport goods or passengers on a regular basis and is available to the public.

Bailee

The person who takes possession of a chattel in a bailment.