Question 1

Which of the following would not appear as a debit in the Work in Process account of a second department in a two stage production process?

Accepted Answer

A) Materials used. 
B) Overhead applied. 
C) Labor assigned. 
D) Cost of products transferred out. 
A) Materials used. 
B) Overhead applied. 
C) Labor assigned. 
D) Cost of products transferred out.

Question 2

A process with 1,600 units of beginning work in process, completed and transferred out 25,000 units during a period.There were 10,000 units in the ending work in process that were 50% complete as to conversion costs.Materials are added 80% at the beginning of the process and 20% when the units are 90% complete.How much is equivalent units of production for the period for material costs?

Accepted Answer

A) 29,000 equivalent units. 
B) 35,000 equivalent units. 
C) 27,000 equivalent units. 
D) 33,000 equivalent units. 
A) 29,000 equivalent units. 
B) 35,000 equivalent units. 
C) 27,000 equivalent units. 
D) 33,000 equivalent units.

Question 3

In computing equivalent units, ___________ is not part of the equivalent units of production formula.

Accepted Answer

A) units transferred out 
B) beginning work in process 
C) ending work in process 
D) None of these is correct. 
A) units transferred out 
B) beginning work in process 
C) ending work in process 
D) None of these is correct.

Question 4

If there are no units in process at the beginning of the period, then

Accepted Answer

A) the company must be using a job order cost system. 
B) only one computation of equivalent units of production will be necessary. 
C) the units started into production will equal the number of units transferred out. 
D) the units to be accounted for will equal the units transferred out and the units in process at the end of the period. 
A) the company must be using a job order cost system. 
B) only one computation of equivalent units of production will be necessary. 
C) the units started into production will equal the number of units transferred out. 
D) the units to be accounted for will equal the units transferred out and the units in process at the end of the period.

Which of the following would not appear as a debit in the Work in Process account of a second department in a two stage production process?

In computing equivalent units, ___________ is not part of the equivalent units of production formula.

If there are no units in process at the beginning of the period, then

Introduction to Financial Statements

A Further Look at Financial Statements

Accrual Accounting Concepts

Merchandising Operations and the Multiple-Step Income Statement

Reporting and Analyzing Inventory

Fraud, Internal Control, and Cash

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities

Reporting and Analyzing Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Managerial Accounting

Time Value of Money

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Exam 3: The Accounting Information System

Which of the following would not appear as a debit in the Work in Process account of a second department in a two stage production process?

In computing equivalent units, ___________ is not part of the equivalent units of production formula.

If there are no units in process at the beginning of the period, then

Introduction to Financial Statements

A Further Look at Financial Statements

Accrual Accounting Concepts

Merchandising Operations and the Multiple-Step Income Statement

Reporting and Analyzing Inventory

Fraud, Internal Control, and Cash

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities

Reporting and Analyzing Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Managerial Accounting

Time Value of Money

Filters