Which of the following statements is most complete and correct?
A) Job costing traces costs to departments and process costing traces costs to products.
B) Job costing develops the cost of products and process costing develops the costs of processes.
C) Both job and process costing develop the cost of products.
D) Both job and process costing are concerned with the cost of departments.

Question

Quizplus · Accepted Answer

Job costing and process costing are both methods used to allocate costs to products. Job costing is used for unique or custom products, while process costing is used for homogeneous products. Both methods aim to determine the cost of producing products, making option C the most complete and correct statement.

Which of the Following Statements Is Most Complete and Correct