"Equivalent units of production" is an engineering term used to describe the process by which one company attempts to manufacture units of a product that are equivalent to the product manufactured by a competitor.
True or False?

The above statement is false as the 'equivalent units of production' is an expression used to explain the amount of work done on a product that is partially completed after the end of the accounting period. It compares the number of partially completed units with the percentage of completion.

Formula:

Equivalent units of production= The number of partially completed units x percentage of completion

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"Equivalent units of production" is an engineering term used to describe the process by which one company attempts to manufacture units of a product that are equivalent to the product manufactured by a competitor. True or False?

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"Equivalent units of production" is an engineering term used to describe the process by which one company attempts to manufacture units of a product that are equivalent to the product manufactured by a competitor.
True or False?