Costs Flow Through a Process Costing System in the Same

question 40

True/False

Costs flow through a process costing system in the same sequence as actual products move through the assembly process.

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Definitions:

Discharged

Released from a contract, obligation, or debt; in legal terms, it often refers to a debt being forgiven or a prisoner being released.

Duties

Obligations or responsibilities that are required to be fulfilled under the law or by agreement.

Lifeguard

A person trained and employed to prevent accidents and rescue swimmers in a swimming pool, water park, or beach.

Rescission

The act of revoking, canceling, or repealing a contract, returning all parties to their positions prior to the agreement.