Match Each Business That Follows to the Type of Costing

question 197

Multiple Choice

Match each business that follows to the type of costing system (a or b) it would typically use.
-Gasoline refinery

• A)Job order costing
• B)Process costing

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Definitions:

Proprietary Income

Income derived from the ownership of a business entity or patent.

General Sales Taxes

Taxes applied broadly on sales of goods and services, typically calculated as a percentage of the sale price.

Corporate Income Taxes

Taxes imposed on the net income of corporations.

Federal Tax Revenues

The income received by the government from taxpayers, including individuals and corporations, used to fund public services and operations.