The Basic Types of Cost Accounting Systems Are

question 24

Multiple Choice

The basic types of cost accounting systems are:

• A)Job order cost systems,activity based cost systems,and process cost systems.
• B)Direct cost systems and indirect cost systems.
• C)Completed job cost systems and work in process cost systems.
• D)Fixed cost systems and variable cost systems.

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Definitions:

Physical Capital

Tangible assets used in the production of goods and services, such as machinery, buildings, and infrastructure.

Man-Made Resources

Resources created by humans through processing or altering natural materials, which are used to produce goods and services.

Production Process

The method and sequence of operations involved in the production of a good or service.

Demand for Products

The total amount of a product or service that consumers are willing and able to purchase at various prices during a specified period.