Which of the following represents the accumulated costs of incomplete jobs?O a.None of the given answer is correctO b. Cost of Goods SoldofO c. Work in Process InventoryO d. Raw Materials InventoryflagO e.Finished Goods InventoryVIOUS PAGECOJump to...1 QUIZ TWoPROLOGUE-MO...pptxMacBook Air O e. OMR 363,000CLEAR MY CHOICEWhich one of the following statements is not correct regarding financial accounting and management accounting?O a.Both financial accounting and management accounting involve the use of accounting information.O b. Management accounting needs to follow specific set of rules called accounting standards unlike financial accountingO c. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited.O d. Management accounting information emphasize supporting decisions that affect the future unlike financial accounting information, which focus onthe consequences of past activities of the organization.O e. None of the given answersNEXT PAGECOURSE OUTLINE_SPRING2021 ►UIZ TWOJump to...SQU CET_2021 OCONTACT USSQU_Old-library BuildingLOGUE-MO..pptxMacBook Air

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Which of the following represents the accumulated costs of incomplete jobs? O a. None of the given answer is correct O b. Cost of Goods Sold O c. Work in Process Inventory O d. Raw Materials Inventory O e. Finished Goods Inventory

Which of the following represents the accumulated costs of incomplete jobs? O a. None of the given answer is correct O b. Cost of Goods Sold O c. Work in Process Inventory O d. Raw Materials Inventory O e. Finished Goods Inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Which of the following represents the accumulated costs of incomplete jobs?
O a.
None of the given answer is correct
O b. Cost of Goods Sold
of
O c. Work in Process Inventory
O d. Raw Materials Inventory
flag
O e.
Finished Goods Inventory
VIOUS PAGE
CO
Jump to...
1 QUIZ TWo
PROLOGUE-MO...pptx
MacBook Air

O e. OMR 363,000
CLEAR MY CHOICE
Which one of the following statements is not correct regarding financial accounting and management accounting?
O a.
Both financial accounting and management accounting involve the use of accounting information.
O b. Management accounting needs to follow specific set of rules called accounting standards unlike financial accounting
O c. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited.
O d. Management accounting information emphasize supporting decisions that affect the future unlike financial accounting information, which focus on
the consequences of past activities of the organization.
O e. None of the given answers
NEXT PAGE
COURSE OUTLINE_SPRING2021 ►
UIZ TWO
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SQU CET_2021 O
CONTACT US
SQU_Old-library Building
LOGUE-MO..pptx
MacBook Air

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f) ‘Process costing is a term used in cost accounting to describe one method for collecting and assigning manufacturing costs to the units produced.’ There are some statements about the process costing: An abnormal loss occurs when expected output exceeds actual output. The scrap value of an abnormal loss is credited to the process account. The allocated cost of an abnormal gain is credited to the process account. The inputs to a process less the normal loss is the expected output. The normal loss in a process is allocated a cost in order to reconcile the costs of inputs and outputs. The FIFO method assumes opening WIP is the first group of units to be completed. Therefore, opening WIP is charged separately to completed production and CPU is based on current period costs. Required: Please identify which of the above statements are false and explain the reasons.
4
Under variable costing, which of the following costs would not be included in finished goods inventory? a. electricity used by factory machinery b. steel costs for a machine tool manufacturer c. salary of factory supervisor d. wages of machine operator
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