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(a)
Cost accounting systems
It is a system which measures, record and report the product costs. In decision making process, managers use product cost for determining the prices of the product, controlling the operations of the business, and developing financial statements.
To state: the two principal types of cost accounting systems.
(a)
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Explanation of Solution
The two principal types of cost accounting systems are:
- 1.
Job order cost system - 2.
Process cost system.
(b)
To state: the system that provides for a separate record of each particular quantity of product that passes through the factory.
(b)
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Explanation of Solution
Job order cost system provides a separate record of each particular quantity of product that passes through the factory. Each quantity that is manufactured in the business is known as job.
(c)
To state: the system that accumulates the cost for each department or process within the factory.
(c)
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Explanation of Solution
The process cost system accumulates the cost for each department or process within the factory. They are used by the companies which deal with manufacturing goods which are indistinguishable from each other and by using continuous manufacturing process.
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Chapter 17 Solutions
Financial & Managerial Accounting
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