The Product of 3.10 X .015 Is

question 9

Multiple Choice

The product of 3.10 x .015 is:

• A) 0.047
• B) 0.046
• C) 0.0465
• D) 0.0460

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Definitions:

Equivalent Units

A concept in cost accounting used to denote the amount of work done on incomplete units, expressed in terms of fully completed units.

Physical Units

A measure of production output or inventory in terms of the actual number of units, as opposed to the cost or value of the units.

Percentage of Completion

A method of accounting for long-term contracts in which income is recognized as a proportion of work completed at certain stages.

Equivalent Units

A concept in cost accounting used to allocate costs to partially completed goods, converting them into the amount of finished goods units they represent.