Which of the following is a true statement about process cost systems?
a. In process cost systems, costs are accumulated but not assigned.
b. A process cost system has one work in process account for each process.
c. In process cost systems, costs are summarized on job cost sheets.
d. Unit costs are not computed in process cost systems.
Answer: b. A process cost system has one work in process account for each process.
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Reasonable assurance for internal control means that:
a) Inherent limitations of internal control preclude a system of internal control from providing absolute assurance that objectives will be achieved. b) The objectives of internal control vary depending on the method of data processing used. c) Management cannot override controls. d) A well-designed system of internal controls will prevent or detect all errors and fraud.
If the NPV is less than the initial investment, a project should be rejected
Indicate whether the statement is true or false