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

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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 if my answers are correct or not.

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:

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