A System of Accounting in Which the Costs of Each

question 176

Multiple Choice

A system of accounting in which the costs of each process are accumulated separately and then assigned to the units of product that passed through the process is a:

• A) General cost accounting system.
• B) Process cost accounting system.
• C) Job order cost accounting system.
• D) Manufacturing cost accounting system.
• E) Goods in process accounting system.

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Definitions:

Production Possibility Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs representing resources or production factors.

Opportunity Cost

Opting out from potential positive gains from different opportunities by making a single choice.

Writing Programs

The process of creating a sequence of instructions to enable a computer to perform a specific task.

Making Sunglasses

The process or industry involved in designing, producing, and marketing sunglasses, which are protective eyewear designed to prevent bright sunlight from damaging or discomforting the eyes.