What Are the Two Basic Types of Costing Systems

question 29

Multiple Choice

What are the two basic types of costing systems?

• A) Job costing and process costing
• B) Periodic costing and perpetual costing
• C) Product costing and materials inventory costing
• D) Periodic costing and process costing

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Definitions:

Price Estimates

Approximations of the cost or value of a product or service, typically provided before a sale or project initiation.

Supply Chain

A system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.

End User

Refers to the final consumer or recipient of a product or service, especially in the context of technology and software.

Production Location

The geographical site where goods or services are produced, influenced by factors such as cost, access to markets, and regulations.