A Process Costing System

question 63

Multiple Choice

A process costing system:

• A)uses a separate Work in Process account for each processing department.
• B)uses a single Work in Process account for the entire company.
• C)uses a separate Work in Process account for each type of product produced.
• D)does not use a Work in Process account in any form.

---

Definitions:

Event Will Not Occur

The probability that a specific event does not happen, which can be calculated by subtracting the event’s probability of occurring from 1.

Conditional Probability

The likelihood of one event happening after another event has already taken place.

Independent Events

Events whose occurrence or outcome is not influenced by one another; the outcome of one event does not affect the outcome of another.

Mutually Exclusive Events

Two or more events that cannot occur at the same time within a given experimental setup.