COST ACCOUNTING
PROCESS COSTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the products are identical or very similar in nature.
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they are grouped in batches.
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they are produced at the time an order is received.
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their costs are accumulated on job cost sheets.
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Detailed explanation-1: -A characteristic of products that are mass-produced in a continuous fashion is that.. the products are identical or very similar in nature. they are grouped in batches. they are produced at the time an order is received.
Detailed explanation-2: -Product characteristics are attributes of the product itself that need to be controlled. Examples of product characteristics are size, shape, weight, color, quality, hardness, etc. The list of product characteristics depends on your product and how its functional design requirements have been defined.
Detailed explanation-3: -Which of the following is characteristic of a process costing system? Characteristics of a process costing system include repetitive operations, homogenous products and services, high production volume, low product flexibility, and high standardization.
Detailed explanation-4: -Which of the following is not a characteristic of a process cost system? The system measures costs for each completed job.