Processing Expenses with the Process Cost System


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question 1 of 3

In a manufacturing company, which method of costing assigns costs to a mass quantity of a product?

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1. What are the costs that companies track during the manufacturing process?

2. In a manufacturing company, which of the following is an expense?

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About This Quiz & Worksheet

This quiz/worksheet contains questions touching on fundamental attributes of process cost system expenses and related terms, providing a simple means of checking your understanding of the subject.

Quiz & Worksheet Goals

In these assessments, you'll be tested on methods, forms and terms pertaining to:

  • Costing
  • Company tracking
  • Expenses
  • Product classification
  • Manufacturing costs

Skills Practiced

  • Defining key concepts - ensure that you can accurately match the classification of a product during manufacturing with the appropriate account name
  • Distinguishing differences - ensure that you can differentiate between different types of costs and costing methods
  • Information recall - access the knowledge you've gained regarding types of expenses

Additional Learning

To learn more about this facet of business, you can go over the accompanying lesson entitled Processing Expenses with the Process Cost System. This lesson encompasses the following objectives:

  • Examine an overview of the process cost system
  • Understand a provided example of the process cost system in action
  • Define expenses and how they are accumulated
  • Examine how expenses are recorded