Which of the Following Is Not a Similarity Between Job

question 53

Multiple Choice

Which of the following is not a similarity between job order costing and process costing systems?

• A)Both accumulate product costs throughout the production process and assign those costs to individual units of production
• B)Both accumulate direct materials,direct labor,and manufacturing overhead costs
• C)Both track cost flows from raw materials to work in process,from work in process to finished goods,and from finished goods to cost of goods sold
• D)Both transfer the cost of the inventory to cost of goods sold when the production process is completed.

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Definitions:

Sales Tax

A tax imposed by a government on the sale of goods and services, typically calculated as a percentage of the purchase price.

General Journal Entries

Recorded business transactions in the general journal, forming the foundation of a company's financial records.

Terms of Sale

Conditions agreed upon by the buyer and seller regarding the delivery, payment, and transfer of ownership of goods.

Credit Terms

The conditions under which credit will be extended to a borrower, including repayment schedule, interest rate, and the duration of the loan.