Under absorption costing, fixed manufacturing costs are not expensed until the units are sold

Which of the following statements is true of process costing?

A) It uses one Work-in-Process Inventory account. B) It tracks and assigns both period costs and product costs to units produced. C) It accumulates product costs by production departments. D) It assigns manufacturing overhead costs to products only in the last production process.

In order to achieve long-term growth and profitability, businesses are constantly searching for new markets and new opportunities to further grow the scope and focus of their organizations:

A. to pay its bills and reinvest in the future B. because they recognize that the demand for current products and services could disappear C. to ensure the immediate survival of the firm D. in order to achieve long-term growth and profitability E. a) and d)