# Identify each of the following statements as true or false

Identify each of the following statements as true or false, explain why:

A. A parameter is a population characteristic that is estimated by a coefficient derived from a sample of data.

B. A one-tailed t-test is used to indicate whether the independent variables as a group explain a significant share of demand variation.

C. Given values for independent variables, the estimated demand relation can be used to derive a predicted value for demand.

D. A two-tailed t-test is an appropriate means of testing direction (positive or negative) of the influences of independent variables.

E. The coefficient of determination shows the share of total variation in demand that cannot be explained by the regression model.

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#### Solution Preview

A. A parameter is a population characteristic that is estimated by a coefficient derived from a sample of data.

TRUE

B. A one-tailed t-test is used to indicate whether the independent variables as a group explain a significant share of demand variation.

FALSE: An ...

#### Solution Summary

Explains why each of the statements is true or false.

Process Cost Accounting for Doc Gibbs: Identify each statement as true or false.

E16-1

Doc Gibbs has prepared the following list of statements about process cost accounting.

Identify each statement as true or false.

1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion.

2. A process cost system is used when each finished unit is indistinguishable from another.

3. Companies that produce soft drinks, motion pictures, and computer chips would all use process cost accounting.

4. In a process cost system, costs are tracked by individual jobs.

5. Job order costing and process costing track different manufacturing cost elements.

6. Both job order costing and process costing account for direct materials, direct labor, and manufacturing overhead.

7. Costs flow through the accounts in the same basic way for both job order costing and process costing.

8. In a process cost system, only one work in process account is used.

9. In a process cost system, costs are summarized in a job cost sheet.

10. In a process cost system, the unit cost is total manufacturing costs for the period divided by the units produced during the period.

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