Question
Which of the following describes the differences between job-order and process costing? a. Job-order costing is used in financial accounting, while process costing is used
Which of the following describes the differences between job-order and process costing?
a.
Job-order costing is used in financial accounting, while process costing is used in managerial accounting.
b.
Job-order costing can only be used by manufacturers; only service enterprises use process costing
c.Job-order costing is voluntary, while process costing is required by GAAP.
d.
Job-order costing traces costs to jobs, while process costing traces costs to departments and averages the costs among the units worked on during the period
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting Fundamentals
Authors: John J. Wild
8th Edition
1260728609, 9781260728606
