Which of the Following Represents the Two Basic Types of Cost

question 109

Multiple Choice

Which of the following represents the two basic types of cost accounting systems?

• A)job-order and process cost systems
• B)job-order and job accumulation systems
• C)job-order and batch systems
• D)process cost and batch systems

---

Definitions:

Statutory Irrevocability

A legal provision or condition set by statute that cannot be revoked or undone by the parties involved once established.

Windfall Theory

Windfall theory suggests that unexpected, unearned, or sudden gains (windfalls) in wealth can have various effects on individuals’ behavior, the economy, or market dynamics.

Merchant

A person or company engaged in the wholesale or retail sale of goods or services.

Authorized Dealer

An entity or individual officially recognized and permitted by a manufacturer or government to sell or distribute specific products or services.