The two basic types of product costing systems are
A)department and plant.
B)FIFO and weighted-average.
C)variable and process.
D)job and process.

Question

Quizplus · Accepted Answer

The two basic types of product costing systems are job and process costing. Job costing is used when products are made to individual customer specifications, while process costing is used when identical products are produced in large quantities. The other choices (A, B, and C) describe different methods or characteristics of costing, but do not represent the basic types of product costing systems.

The Two Basic Types of Product Costing Systems Are