Which one of the following is a true statement about process cost systems?
A)In process cost systems, costs are accumulated and assigned.
B)A process cost system has one Work in Process account for each job.
C)In process cost systems, costs are summarized by batch.
D)Unit costs are ignored in process cost systems because they are identical.

Question

Quizplus · Accepted Answer

In process cost systems, costs are accumulated and assigned to each process or department. This allows for better tracking and control of costs, as well as the ability to calculate unit costs for each product or service. Option B is incorrect because process cost systems do not use job costing methods. Option C is incorrect because costs are summarized by process or department, not by batch. Option D is incorrect because unit costs are a critical component of process cost systems.

Which One of the Following Is a True Statement About