Chapter 4 Managerial Accounting
Exam Question & Answers ( Latest
2025 )
process costing - CORRECT ANSWERS ✔✔used most
commonly in industries that convert raw materials into
homogeneous (uniform) products; typically used in
companies with assembly lines; compute unit costs by
departments not jobs
processing department - CORRECT ANSWERS ✔✔an
organizational unit where work is performed on a product
and where materials, labor and overhead costs are added
to the product
transferred-in costs - CORRECT ANSWERS ✔✔when
costs from partially completed units are transferred from
one department to the next
equivalent units - CORRECT ANSWERS ✔✔number of
complete units that could have been obtained from
materials and effort that went into the partially complete
units
units completed during the period - CORRECT
ANSWERS ✔✔any units in ending WIP inventory
Exam Question & Answers ( Latest
2025 )
process costing - CORRECT ANSWERS ✔✔used most
commonly in industries that convert raw materials into
homogeneous (uniform) products; typically used in
companies with assembly lines; compute unit costs by
departments not jobs
processing department - CORRECT ANSWERS ✔✔an
organizational unit where work is performed on a product
and where materials, labor and overhead costs are added
to the product
transferred-in costs - CORRECT ANSWERS ✔✔when
costs from partially completed units are transferred from
one department to the next
equivalent units - CORRECT ANSWERS ✔✔number of
complete units that could have been obtained from
materials and effort that went into the partially complete
units
units completed during the period - CORRECT
ANSWERS ✔✔any units in ending WIP inventory
