The Two Basic Types of Cost Accounting Systems Are

question 10

Multiple Choice

The two basic types of cost accounting systems are:

• A) Job order costing and perpetual costing.
• B) Job order costing and customized product costing.
• C) Job order costing and customized service costing.
• D) Job order costing and process costing.
• E) Job order costing and periodic costing.

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Definitions:

Competitive Price-searcher

An economic term for a seller that sets its product prices based on what competitors are charging, within a competitive market environment.

Product Differentiation

The process of distinguishing a product or service from others in the market to make it more attractive to a particular target market.

Control Over Price

The ability of a person or organization to influence the price at which goods or services are sold.

Contestable Market

A market structure where there are no barriers to entry or exit, ensuring that prices remain competitive even in the absence of a large number of sellers.