A System of Accounting in Which the Costs of Each

question 134

Multiple Choice

A system of accounting in which the costs of each process are accumulated 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:

Investor

An individual or organization that allocates capital with the expectation of earning a financial return.

Corporation

A legal entity that is separate from its owners, providing them with limited liability, and recognized as a person under law that can enter into contracts, own assets, and be sued.

Partner's Liability

The legal responsibility of a partner in a partnership for the debts and obligations of the partnership.

Torts

Legal wrongs committed by one party against another, leading to civil legal liability and compensation claims, not arising from contractual obligations.