Operation costing: 01. tends to parallel process costing with respect to the treatment of conversion cost. 02. o is commonly known as a joint-costing system. 03. o would likely be used by a manufacturing plant that produces one model of a single product. 04. o tends to parallel job-order costing with respect to the treatment of conversion cost. 05. o tends to parallel process costing with respect to the treatment of direct materials.

1. Tends to parallel process costing with respect to the treatment of conversion cost

Explanation:

Operation costing is a combination of process costing and job costing, it is a mix of process costing and job costing. Operation costing is used in either of the following issues:

A product initially has similar processing for a set of products, and is then finished using more specific procedures or

A product initially uses different raw materials, and is then finished using a common process that is the same for a group of products.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know