Both Process Costing Systems and Job Order Costing Systems Accumulate

question 55

True/False

Both process costing systems and job order costing systems accumulate costs on a job cost sheet.

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Definitions:

Medusa

A jellyfish-like animal; a free-swimming, umbrella-shaped stage in the life cycle of certain cnidarians. Compare with polyp.

Planula

The free-swimming, ciliated larva form of certain cnidarians, such as jellyfish, before it settles on a surface and develops into a polyp.

Miracidium

A free-swimming larval stage in the life cycle of certain parasitic flukes, hatching from eggs and infecting the first intermediate host, typically a snail.

Polyp Colony

An aggregation of many individual, yet genetically identical, polyps that are connected, forming organisms such as corals.