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24. Which of the following is a way in which process and job order cost similar? ocess and job order cost systems are B. Both

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24. Which of the following is a way in which process and job order cost similar? ocess and job order cost systems are B. Both allocate product cost to units produced. C. Both maintain perpetual inventories. D. All of the above. t labor, and factory overhead. 23. If a company uses a process costing system to account for the costs in its three production departments, how many Work-in-process accounts will be use A. One. B. Two C. Three. D. None. 20. In a process cost system, the cost of completed production in Department A is transferred to Department B by which of the following entries? A. Debit Work in Process--Dept. B: credit Finished Goods--Dept. A. B. Debit Work in Process--Dept B: credit Work in Process-Dept. A. C. Debit Finished Goods; credit Work in Process--Dept. B. D. Debit Work in Process-Dept. B; credit Cost of Goods Sold-Dept. A. 27. Equivalent units of production are the number of units that could have been manufactured from start to finish during an accounting period. A. True. B. False. 28. Equivalent production units, usually are determined for A. Direct materials only. B. Conversion costs only. C. Direct materials and conversion costs. D. Direct materials and direct labor costs only. 20 The cost of production report summarizes (1) the units for which the department is accountable and the units to be assigned costs and (2) the costs charged to the department and the allocation of those costs. A. True. B. False. 30. The major different between a manufacturing business and a service business is that a service business cost consists of A. Direct materials only. B. Direct materials and direct labor. C. Direct materials, direct labor and overhead. D. Direct labor and overhead

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