Multiple Choice Questions Select the ONE, BEST Answer 1. Equivalent units of production are equal to: A. The number of units that could have been completed if all effort had been applied to units that were started and completed that period. B. The number of finished units actually produced that period. C. The number of units introduced into the process that period. D. The number of units still in process that period. E. Physical units that were completed this period from all effort being applied to them. 2. Which of the following characteristics applies to process cost accounting and not to job order cost accounting? A. Use of a predetermined overhead rate. B. Identifiable lots of production. C. Equivalent units of production. D. Labor time ticket for each employee. E. Use of a single Goods in Process account. 3. After posting all actual factory overhead and applying factory overhead to production departments in a process costing system, A. There will never be underapplied overhead. B. There will never be overapplied overhead. C. There will always be underapplied overhead. D. There will always be overapplied overhead. E. There may be over or underapplied overhead. 4. To compute an equivalent unit of production, one must be able to reasonably estimate: A. The percentage of completion. B. Units completed. C. Units started and completed. D. Direct labor cost. E. Materials cost.
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