Costing

✅ The correct answer is C.
An example of rework is detection of defective pieces before shipment. Rework refers to the correction of a product that does not initially meet an entity’s minimum quality standards.

✅ The correct answer is B.
If value of final sales is $48000 and net realizable value is $35000, then value of sales costs would be $13,000.
Sales Cost = Final Sales – Net Realizable Value.
= $48000 – $35000 = $13000.

✅ The correct answer is D.
Residual term is also considered as error term and disturbance term.

✅ The correct answer is B.

✅ The correct answer is A.
Product which requires large amount of resources, but incur low per unit cost is classified as product under costing. Product cost refers to the costs incurred to create a product. These costs include direct labor, direct materials, consumable production supplies, and factory overhead.

✅ The correct answer is D.
In accounting, resources sacrifice for achieving or fulfil specific objective is known as cost. Cost is the monetary value that a company has spent in order to produce a product.

✅ The correct answer is D.
In process costing method, when work done in current accounting period and beginning inventory before current accounting period, is classified as First-in, first-out method.

✅ The correct answer is A.
Cost is the value of economic resources used as a result of producing or doing the thing costed. Cost is ascertained by cost centres or cost units or by both.

✅ The correct answer is D.
In accounting system, a document which consists of all assigned cost for specific job is classified as job cost record and job cost sheet.

✅ The correct answer is A.
First step in process costing system is to summarize flow of output. Flow is more inline with the concept of a function, that is, a Flow has both input and output parameters.