Which of the following is a true statement about process cost systems?
A) In process cost systems costs are accumulated but not assigned.
B) A process cost system has one work in process account for each process.
C) In process cost systems costs are summarized on job cost sheets.
D) Unit costs are not computed in process cost systems.

Question

Quizplus · Accepted Answer

In process cost systems, there is typically one work in process account for each process or department. Costs are accumulated and assigned to these accounts, allowing for tracking of costs through each stage of production. Option A is not correct as costs are assigned to specific processes or departments. Option C is incorrect as job cost sheets are typically used in job order costing systems. Option D is incorrect as unit costs are computed in process cost systems.

Which of the Following Is a True Statement About Process