Which of the following statements describes an element of process costing systems? a. total conversion costs include direct labor and manufacturing overhead costs included in beginning inventory and added to production during the period. b. the total units accounted for equals the sum of equivalent units in ending work in process and equivalent units completed and transferred out. c. direct material costs are traced to individual units of production. d. costs are accumulated by job. e. for current period calculations, the percentage of completion for units in beginning work in process is used to calculate equivalent units under the weighted average method.

The distinction between a normal and an inferior good is

Atrough in the business cycle occurs when

Match each definition in column 1 with a vocabulary word from column 2." some of the entries in column 2 do not apply costs which do not change with the level of output costs which change with the level of output the change in total costs resulting from an increase in output by one unit function showing the quantities of a particular good demanded at a range of price when the quantity supplied of a good is greater than the quantity demanded when the quantity demanded for a particular good is greater than the quantity supplied the price and quantity determined in a market when the supply equals the demand when revenue exceeds costs when costs exceeds revenue output where revenue = costs