In a process costing system, each processing department will have a work in proc

Question

In a process costing system, each processing department will have a work in process inventory account.

Question 6 options:

False

If the products of a manufacturing process are produced to customer specifications, a process cost system is more appropriate than a job order cost system.

Question 7 options:

False

If a business has sales of $7,000,000 and sales at the break-even point amount to $4,800,000, the margin of safety percentage is 45.8%.

Question 8 options:

False

If yearly insurance premiums are increased, this change in fixed costs will result in an increase in the break-even point.

Question 9 options:

False

Only a single line, which represents the difference between total sales revenues and total costs, is plotted on the cost-volume-profit chart.

Question 10 options:

True

False

If the products of a manufacturing process are produced to customer specifications, a process cost system is more appropriate than a job order cost system.

Question 7 options:

True

False

If a business has sales of $7,000,000 and sales at the break-even point amount to $4,800,000, the margin of safety percentage is 45.8%.

Question 8 options:

True

False

If yearly insurance premiums are increased, this change in fixed costs will result in an increase in the break-even point.

Question 9 options:

True

False

Only a single line, which represents the difference between total sales revenues and total costs, is plotted on the cost-volume-profit chart.

Question 10 options:

True False

Explanation / Answer

Q6) TRUE Q7) FALSE Q8) (7,000,000-4,800,000)/7,000,000 31.43% FALSE Q9) TRUE Q10) FALSE

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