Identify whether following statement is true, if Power products uses process costing .

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Please answer the financial accounting

Please give me true answer this financial accounting question

General Accounting

Answer 2

Question

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

Answer 6

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

Answer 7

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Answer 8

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.