Principles of Accounting II- Please help me to answer these questions and explanation so I can re-read through the chapters and understand better. I have answered on my end so I would like to compare

Question 1

Process manufacturing usually reflects a manufacturer that produces small quantities of unique items.

	True
	False

Explanation:

Question 2

The first step in determining the cost of goods completed and ending inventory valuation using process costing is to calculate equivalent units of production.

	True
	False

Explanation:

Question 3

If 16,000 units of materials enter production during the first year of operations, 12,000 of the units are finished, and 4,000 are 75% completed, the number of equivalent units of production would be 15,000.

	True
	False

Explanation:

Question 4

Gilbert Corporation had 25,000 finished units and 8,000 units 35% complete. The equivalent units totaled 30,200.

	True
	False

Explanation:

Question 5

A process cost accounting system records all actual factory overhead costs directly in the Work in Process account.

	True
	False

Explanation:

Question 6

Department M had 600 units 60% completed in process at the beginning of June, 6,000 units completed during June, and 700 units 30% completed at the end of June. Using the first-in, first-out method of inventory costing, what was the number of equivalent units of production for conversion costs for the period?

	7,300 units
	5,640 units
	6,700 units
	5,850 units

Explanation:

Question 7

Department R had 5,000 units in work in process that were 75% completed as to labor and overhead at the beginning of the period. 30,000 units of direct materials were added during the period, 32,000 units were completed during the period, and 3,000 units were 40% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was

	32,450
	29,450
	31,950
	26,000

Explanation:

Question 8

Just-in-time operations attempt to significantly reduce

	profits
	inventory needed to produce products
	waste and simplify the production process
	processing time

Explanation:

Question 9

Conversion costs include materials, direct labor, and factory overhead.

	True
	False

Explanation:

Question 10

Equivalent production units are generally determined for

	direct materials and conversion costs
	direct materials only
	conversion costs only
	direct materials and direct labor costs only

Explanation:

Question 11

Job order cost accounting systems can be used only for companies that manufacture a product.

	True
	False

Explanation:

Question 12

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d).

	salesmen commissions
	plastic parts
	maintenance supplies
	factory depreciation
	president’s salary
	machine operator
	factory supervisor’s salary
	assembler’s wages
	Wood

1.	direct labor
2.	direct materials
3.	factory overhead
4.	not a product cost

Question 13

The current period statement of cash flows includes the following:

Cash balance at the beginning of the period	$310,000
Net cash flow from operating activities	185,000
Net cash flow used for investing activities	43,000
Net cash flow used for financing activities	97,000

The cash balance at the end of the period is

	$45,000
	$635,000
	$355,000
	$125,000

Explanation:

Question 14

Identify the section of the statement of cash flows (a-d) where each of the following items would be reported.

	Purchase of the stock of another company as investment
	Decrease in inventory
	Exchange of land for note payable
	Issuance of bond payable
	Increase in accounts receivable
	Payment of dividends to stockholders
	Sale of machinery held for use by the company
	Loss on sale of equipment
	Dividends received on investment
	Increase in income taxes payable

1.	Operating activities
2.	Financing activities
3.	Investing activities
4.	Schedule of noncash financing and investing

Question 15

When using the spreadsheet (work sheet) for the statement of cash flows, indirect method, entries made on the spreadsheet are

	not recorded in the journal or posted to the ledger
	recorded in the journal and posted to the ledger
	recorded in the journal but not posted to the ledger
	not recorded in to the journal but are posted to the ledger

Explanation: