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Job-costing systems tend to produce more accurate product cost information compared to process costing systems.On the other hand they also tend to be more costly systems than processing costing systems.
Required:
Comment on the two observations.
Optimistic Bias
The tendency to believe that oneself is at less risk of experiencing a negative event compared to others.
Illusion of Control
The false belief that one can influence or control outcomes that are actually determined by chance.
System-1
A term from cognitive psychology, referring to the fast, automatic, and often unconscious way of thinking.
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