Asked by Lyndsay Astor on Apr 29, 2024
Verified
A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory.
Process Cost Accounting System
An accounting system used to track and allocate costs of production by process or department, commonly employed in manufacturing environments with continuous, homogeneous outputs.
Product Quantity
The total number of units of a product that are produced, available for sale, or sold at a given time.
Factory
A building or set of buildings where goods are manufactured or assembled chiefly by machine.
- Absorb the variances and uses between job order cost and process cost accounting methodologies.
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
False
Explanation :
A process cost accounting system provides for a summary record of the cost of all units produced during a specific period of time, rather than each individual unit.
Learning Objectives
- Absorb the variances and uses between job order cost and process cost accounting methodologies.