When Businesses Fail to Operate in an Acceptable Manner, the Law

question 16

True/False

When businesses fail to operate in an acceptable manner, the law must step in to enforce good business practice. True or false?

---

Definitions:

Job Order Cost System

An accounting system that accumulates costs for each uniquely identified job or batch, useful for customized orders.

Process Cost System

A method in accounting for assigning costs to like products, which are produced en masse and in a continual manner.

Computer Chips

Small semiconductor devices made of silicon or other materials that contain integrated circuits used in the manufacturing of electronic devices.

Process Costing

A costing method used where similar products are produced in a continuous process, assigning average costs to each unit.