Regardless of the Product Costing System Used,when the Products Are

question 93

True/False

Regardless of the product costing system used,when the products are completed,they are transferred from work in process inventory to finished goods inventory.

---

Definitions:

Cost Method

An accounting method used to value certain investments at their original purchase cost, less any impairments.

Treasury Stock

Shares that were issued and subsequently reacquired by the issuing company, reducing the amount of outstanding stock on the open market.

Par Value

The nominal or face value of a bond, share of stock, or other financial instrument, as stated by the issuing company.

Deductible Expenses

Expenses that can be subtracted from gross income, reducing the amount of income subject to taxation.