COMMERCE 2AB3 Study Guide - Final Guide: Lancia Dedra, Bundesautobahn 59, Round-Off Error

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2AB3
• Professor: Karim Karim

Document Summary

True/false: when materials are purchased in a process costing system, a work in process account is debited with the cost of the materials. Level: hard lo: 2 ans: t: under the weighted-average method of process costing, costs from the prior period are averaged with those of the current period in computing unit costs. Level: medium lo: 4 ans: t: costs are accumulated by department in a process costing system. Level: easy lo: 10 ans: t: operation costing is a hybrid system that employs certain aspects of both job-order and process costing. Level: easy lo: 10 ans: t: under job-order costing, costs are accumulated by department and are assigned equally to all units passing through the department during the period. Multiple choice: which of the following journal entries would be used to record direct labor costs in a company having two processing departments (department a and department b), a above, b above, c above, d above.