Asked by Ashton Krause on Jun 27, 2024
Verified
What is a cost accounting system? What are the two basic types of cost accounting systems?
Cost Accounting System
A method of accounting that tracks, records, and analyzes costs associated with the production of goods and services.
- Comprehend the fundamental principles of job order costing.
Verified Answer
SR
Samuel RezendeJun 30, 2024
Final Answer :
A cost accounting system accumulates production costs and assigns them to products and services.It also provides timely information about inventories and costs.The two basic types of cost accounting systems are job order costing and process costing.
Learning Objectives
- Comprehend the fundamental principles of job order costing.
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