The Process That Accumulates Production Costs by Process and Uses

question 91

Multiple Choice

The process that accumulates production costs by process and uses a work-in-process account for each process is called:

• A) Process costing
• B) Joint costing
• C) Variable costing
• D) Job-order costing

---

Definitions:

Microfinance Loans

Small loans provided to individuals or groups in impoverished areas to spur economic development.

Bank Loans

Borrowed sums of money from banks that individuals or businesses must repay with interest according to agreed-upon terms.

Collateral

An asset that a borrower offers to a lender as security for a loan, which can be seized if the loan is not repaid.

Repayments

The action of paying back a loan or debt.