Determination of Costing Method is a way to determine the method used by companies that are involved in different type of production. The Job costing method is used by the companies involved in manufacturing of unique customized product each time for its clients whereas process costing method is used by the companies involved in the manufacturing of identical units of single product. The company with the slightest of probability to use process costing system is to be determined.

Question

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Answer 1

Question

Chapter 20, Problem 1QC

To determine

Determination of Costing Method is a way to determine the method used by companies that are involved in different type of production. The Job costing method is used by the companies involved in manufacturing of unique customized product each time for its clients whereas process costing method is used by the companies involved in the manufacturing of identical units of single product.

The company with the slightest of probability to use process costing system is to be determined.

Expert Solution & Answer

Answer to Problem 1QC

Solution: c. Accounting firm

Explanation of Solution

Job costing method is used by the companies involved in the production of customized products. However, the process costing method is used by companies that produce identical units of single product during the production period.

For Accounting firms, the requirement of each client is unique and such firms must provide the customized services to them based on their requirement. Therefore, such firms are least likely to use process costing system. However, other firms like paper manufacturer, soft drink bottler and petroleum processor use the Process costing system as they are involved in manufacturing identical product.

Conclusion

To conclude, it must be said that accounting firm is the only firm which is least likely to use process costing system (as per given problem).

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Answer 2

Question

Chapter 20, Problem 1QC

To determine

Determination of Costing Method is a way to determine the method used by companies that are involved in different type of production. The Job costing method is used by the companies involved in manufacturing of unique customized product each time for its clients whereas process costing method is used by the companies involved in the manufacturing of identical units of single product.

The company with the slightest of probability to use process costing system is to be determined.

Expert Solution & Answer

Answer to Problem 1QC

Solution: c. Accounting firm

Explanation of Solution

Job costing method is used by the companies involved in the production of customized products. However, the process costing method is used by companies that produce identical units of single product during the production period.

For Accounting firms, the requirement of each client is unique and such firms must provide the customized services to them based on their requirement. Therefore, such firms are least likely to use process costing system. However, other firms like paper manufacturer, soft drink bottler and petroleum processor use the Process costing system as they are involved in manufacturing identical product.

Conclusion

To conclude, it must be said that accounting firm is the only firm which is least likely to use process costing system (as per given problem).

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

Answer 3

Question

Chapter 20, Problem 1QC

To determine

Determination of Costing Method is a way to determine the method used by companies that are involved in different type of production. The Job costing method is used by the companies involved in manufacturing of unique customized product each time for its clients whereas process costing method is used by the companies involved in the manufacturing of identical units of single product.

The company with the slightest of probability to use process costing system is to be determined.

Expert Solution & Answer

Answer to Problem 1QC

Solution: c. Accounting firm

Explanation of Solution

Job costing method is used by the companies involved in the production of customized products. However, the process costing method is used by companies that produce identical units of single product during the production period.

For Accounting firms, the requirement of each client is unique and such firms must provide the customized services to them based on their requirement. Therefore, such firms are least likely to use process costing system. However, other firms like paper manufacturer, soft drink bottler and petroleum processor use the Process costing system as they are involved in manufacturing identical product.

Conclusion

To conclude, it must be said that accounting firm is the only firm which is least likely to use process costing system (as per given problem).

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

Answer 4

Question

Chapter 20, Problem 1QC

To determine

Determination of Costing Method is a way to determine the method used by companies that are involved in different type of production. The Job costing method is used by the companies involved in manufacturing of unique customized product each time for its clients whereas process costing method is used by the companies involved in the manufacturing of identical units of single product.

The company with the slightest of probability to use process costing system is to be determined.

Expert Solution & Answer

Answer to Problem 1QC

Solution: c. Accounting firm

Explanation of Solution

Job costing method is used by the companies involved in the production of customized products. However, the process costing method is used by companies that produce identical units of single product during the production period.

For Accounting firms, the requirement of each client is unique and such firms must provide the customized services to them based on their requirement. Therefore, such firms are least likely to use process costing system. However, other firms like paper manufacturer, soft drink bottler and petroleum processor use the Process costing system as they are involved in manufacturing identical product.

Conclusion

To conclude, it must be said that accounting firm is the only firm which is least likely to use process costing system (as per given problem).

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 20, Problem 1QC

To determine

Determination of Costing Method is a way to determine the method used by companies that are involved in different type of production. The Job costing method is used by the companies involved in manufacturing of unique customized product each time for its clients whereas process costing method is used by the companies involved in the manufacturing of identical units of single product.

The company with the slightest of probability to use process costing system is to be determined.

Expert Solution & Answer

Answer to Problem 1QC

Solution: c. Accounting firm

Explanation of Solution

Job costing method is used by the companies involved in the production of customized products. However, the process costing method is used by companies that produce identical units of single product during the production period.

For Accounting firms, the requirement of each client is unique and such firms must provide the customized services to them based on their requirement. Therefore, such firms are least likely to use process costing system. However, other firms like paper manufacturer, soft drink bottler and petroleum processor use the Process costing system as they are involved in manufacturing identical product.

Conclusion

To conclude, it must be said that accounting firm is the only firm which is least likely to use process costing system (as per given problem).

Answer 6

Chapter 20, Problem 1QC

To determine

Determination of Costing Method is a way to determine the method used by companies that are involved in different type of production. The Job costing method is used by the companies involved in manufacturing of unique customized product each time for its clients whereas process costing method is used by the companies involved in the manufacturing of identical units of single product.

The company with the slightest of probability to use process costing system is to be determined.

Expert Solution & Answer

Answer to Problem 1QC

Solution: c. Accounting firm

Explanation of Solution

Job costing method is used by the companies involved in the production of customized products. However, the process costing method is used by companies that produce identical units of single product during the production period.

For Accounting firms, the requirement of each client is unique and such firms must provide the customized services to them based on their requirement. Therefore, such firms are least likely to use process costing system. However, other firms like paper manufacturer, soft drink bottler and petroleum processor use the Process costing system as they are involved in manufacturing identical product.

Conclusion

To conclude, it must be said that accounting firm is the only firm which is least likely to use process costing system (as per given problem).

Answer 7

Chapter 20, Problem 1QC

To determine

Determination of Costing Method is a way to determine the method used by companies that are involved in different type of production. The Job costing method is used by the companies involved in manufacturing of unique customized product each time for its clients whereas process costing method is used by the companies involved in the manufacturing of identical units of single product.

The company with the slightest of probability to use process costing system is to be determined.

Answer 8

Expert Solution & Answer

Answer to Problem 1QC

Solution: c. Accounting firm

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Job costing method is used by the companies involved in the production of customized products. However, the process costing method is used by companies that produce identical units of single product during the production period.

For Accounting firms, the requirement of each client is unique and such firms must provide the customized services to them based on their requirement. Therefore, such firms are least likely to use process costing system. However, other firms like paper manufacturer, soft drink bottler and petroleum processor use the Process costing system as they are involved in manufacturing identical product.