Which of the Following Are the Two Main Types of Cost

question 34

Multiple Choice

Which of the following are the two main types of cost accounting systems for manufacturing operations?

• A) Process cost and general accounting systems
• B) Job order cost and process cost systems
• C) Job order cost and general accounting systems
• D) Process cost and replacement cost systems

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Definitions:

Social Security Tax

Social Security Tax is a payroll tax collected by employers and employees in the United States to fund the Social Security program, providing benefits for retirees, disabled individuals, and survivors.

Medicare Tax

A federal tax that funds Medicare, a healthcare program for those age 65 and over, deducted from employee earnings and matched by employers.

State Unemployment Tax

A tax paid by employers to a state fund to cover benefits for workers who have lost their jobs; rates can vary based on the employer's industry and experience with unemployment claims.

Federal Income Tax

A charge imposed by the IRS on the yearly income of individuals, corporations, trusts, and other legal entities.