exam 1 chp3 true and false Flashcards
1
Q
- In a process cost system, total costs are determinable at any point in time by examining the account balances
A
f
2
Q
- A primary driver of overhead costs in continuous manufacturing operations is direct labour hours.
A
f
3
Q
- The equivalent units of production of ten units that are 20% complete is 2 full units.
A
t
4
Q
- Equivalent units of production is an expression of the number of units that would have been started and finished if all of the effort were directed at that purpose.
A
t
5
Q
- There are no units in process at the beginning of the period, 500 units in process at the end of the period that are 30% complete, and 3,000 units transferred out during the period. Based on this information, there were 3,500 units started during the period under the weighted-average method.
A
t
6
Q
- Under the weighted-average method, the physical units in a department are the actual units in a department regardless of the degree of any work performed.
A
t
7
Q
- When goods are completed, the entry to record the transfer of the goods out of the last department includes a debit to Cost of Goods Sold.
A
f
