Process costing systems use a single Work in Process Inventory account regardless of the number of production departments that exist.

Name: Process costing systems use a single Work in Process Inventory account regardless of the number of production departments that exist.
Brand: Quizplus
Rating: 5.0 (38 reviews)

Question

Quizplus · Accepted Answer

Process costing systems use multiple Work in Process Inventory accounts to track the costs of production for each department or process in the production process. This allows for more accurate tracking and allocation of costs.

Process Costing Systems Use a Single Work in Process Inventory