Indicate Whether Each of the Following Statements About Product Cost

question 68

Short Answer

Indicate whether each of the following statements about product cost systems is true or false.The type of product made by a manufacturer affects the type of accounting system that it should use to calculate the costs of its products.Hybrid costing systems are used by service businesses, but not manufacturing companies.A company that manufactures high-volume industrial chemicals such as sulfuric acid would use a job-order cost system.An automobile repair shop would use a job-order cost system to assign costs to individual jobs.Only process cost systems require averaging in assigning costs to products.

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Definitions:

Productive

Productive refers to the capacity to produce or generate outcomes, particularly in relation to work, creativity, or linguistic competence.

Referential

Relating to or denoting the use of language to refer to something, or the ability to use symbols, signs, or objects to represent something else.

Whorf's Linguistic Relativity Hypothesis

Whorf's Linguistic Relativity Hypothesis posits that the structure of a language influences its speakers' worldview and cognition, suggesting that language shapes thought processes.

Color Perception

The process by which the brain interprets and identifies colors in the visual spectrum.