Question 21 (1 point) A major purpose of cost accounting is to classify all costs as operating or nonoperating. measure, record, and report period costs. provide information to stockholders for investment decisions. measure, record, and report product costs. Question 22 (1 point) The two basic types of cost accounting systems are job order and job accumulation systems. job order and process cost systems. process cost and batch systems. job order and batch systems. Question 23 (1 point) Process costing is used when the production process is continuous. production is aimed at filling a specific customer order. dissimilar products are involved. costs are to be assigned to specific jobs. Question 24 (1 point) An important feature of a job order cost system is that each job must be similar to previous jobs completed. has its own distinguishing characteristics. must be completed before a new job is accepted. consists of one unit of output. Question 25 (1 point) If the manufacturing overhead costs applied to jobs worked on were greater than the actual manufacturing costs incurred during a period, overhead is said to be underapplied. overapplied. in error. prepaid