The Two Basic Types of Cost Accounting Systems Are

question 10

Multiple Choice

The two basic types of cost accounting systems are:

• A) Job order costing and perpetual costing.
• B) Job order costing and customized product costing.
• C) Job order costing and customized service costing.
• D) Job order costing and process costing.
• E) Job order costing and periodic costing.

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Definitions:

Mail Receipts

Documentation or evidence of receiving goods or correspondence through the postal service.

Authorized To Sign Checks

Designation given to individuals who are officially permitted by a business or organization to sign checks on behalf of the entity.

Cash Disbursement Transactions

Financial transactions that involve the outflow of cash to settle obligations or purchase assets.

Petty Cash

A small amount of cash kept on hand for minor, incidental expenses.