Which of the Following Statements Is False

question 66

Multiple Choice

Which of the following statements is false?

• A) In job costing, costs are accumulated by job order.
• B) In process costing, the cost per unit is found by averaging the costs incurred over the units produced.
• C) In process costing, the production costs are assigned to each unit produced.
• D) In job costing, the cost of each unit of a particular job is found by dividing the total cost of the job by the number of units in the job.

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Definitions:

Excess Burden

The economic loss to society due to market inefficiencies, often associated with taxes or other government policies that distort market behavior beyond the revenue raised or spending undertaken.

Net Worth

The difference between the total assets and total liabilities of an individual, company, or entity.

Liabilities

Financial obligations or debts that a business or individual owes to others.

Assets

Resources owned by a business or individual that have economic value and can provide future benefits.