Which of the Following Are the Two Main Types of Cost

question 34

Multiple Choice

Which of the following are the two main types of cost accounting systems for manufacturing operations?

• A) Process cost and general accounting systems
• B) Job order cost and process cost systems
• C) Job order cost and general accounting systems
• D) Process cost and replacement cost systems

Comprehend the implications of cost classification on external financial reporting under generally accepted accounting principles (GAAP).

Recognize the role of manufacturing overhead in product costing.

Understand the concept of opportunity costs and its relevance in a manufacturing context.

Understand the concept of the relevant range and its application to cost behavior.

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