The Two Basic Types of Cost Accounting Systems Are

question 44

Multiple Choice

The two basic types of cost accounting systems are:

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

Comprehend the concept of tax incidence and how the burden of a tax is distributed between consumers and producers.

Understand the concepts of elasticity of labor supply and demand and their relationship to the burden of payroll taxes.

Recognize the long-term effects of changes in individual income tax rates and corporate profits tax on prices and profits across sectors.

Identify how the structure of business ownership (corporations, partnerships, proprietorships) affects tax liabilities and reporting.

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Definitions:

Consolidation

The process of combining multiple accounts or businesses into a single entity, often for strategic, financial, or operational efficiency reasons.

Appraisal Rights

Entitlement of a corporation's minority shareholders to have their shares appraised and to receive compensation at a fair market value in the event of certain corporate actions.

Acquires

The act of obtaining ownership or control over assets, properties, or companies, often through purchase or merger.

Sole Proprietorship

A business structure where the business is owned and operated by a single individual who has personal responsibility for all debts and liabilities.