There Are Two Basic Types of Cost Accounting Systems: Job

question 98

True/False

There are two basic types of cost accounting systems: job order costing and periodic costing.

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Definitions:

Official Poverty Line

The officially established income level that distinguishes the poor from the nonpoor. It is set at three times the cost of the Department of Agriculture’s minimum food budget.

After-Tax Income

Before-tax income minus taxes paid.

Before-Tax Income

Market income plus transfers.

Payroll Tax

Taxations placed upon employers or employees, usually based on a percentage of the income that employees receive from their employers.