Which of the Following Statements About Similarities Between Process Costing

question 76

Multiple Choice

Which of the following statements about similarities between process costing and job-order costing are true?
I. Both systems assign production costs to units of output.
II. Both systems require extensive knowledge of financial accounting.
III. The flow of costs through the manufacturing accounts is essentially the same.

• A) I only.
• B) I and III.
• C) II and III.
• D) III only.
• E) I, II, and III.