Asked by Rabin Karki karki on Mar 10, 2024
Verified
A company that uses a cost accounting system normally has only two inventory accounts: Finished Goods Inventory and Work in Process Inventory.
Work in Process Inventory
Items currently in production but not yet completed; part of a manufacturing company's inventory.
Finished Goods Inventory
The total value of all the finished products that are ready for sale but have not yet been sold by the company.
- Acknowledge the inventory accounts integral to cost accounting procedures.
Verified Answer
CT
Chartavia TaylorMar 10, 2024
Final Answer :
False
Explanation :
A company that uses a cost accounting system typically has three inventory accounts: raw materials inventory, work in process inventory, and finished goods inventory.
Learning Objectives
- Acknowledge the inventory accounts integral to cost accounting procedures.
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