Asked by Karan Patel on Jul 29, 2024
Verified
In a process cost system costs are tracked through a series of connected manufacturing processes or departments rather than by individual jobs.
Process Cost System
A cost accounting system used when a company manufactures a large volume of similar products.
Manufacturing Processes
Manufacturing processes are the methods and techniques used to convert raw materials into finished goods.
Connected Manufacturing
The integration of factory equipment, workflows, and systems through the Internet of Things (IoT) to enhance manufacturing processes.
- Understand the fundamental concepts and differences between process cost systems and job order cost systems.
Verified Answer
OG
O'haleon GordonJul 29, 2024
Final Answer :
True
Explanation :
In a process cost system, costs are tracked through a series of connected manufacturing processes or departments rather than by individual jobs.
Learning Objectives
- Understand the fundamental concepts and differences between process cost systems and job order cost systems.