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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

a. Name two principal types of cost accounting systems.

b. Which system provides for a separate record of each particular quantity of product that passes through the factory?

c. Which system accumulates the costs for each department or process within the factory?

(a)

To determine

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.

Explanation

The two principal types of cost accounting systems are:

  1. 1. Job order cost system
  2. 2. Process cost system.

(b)

To determine

To state: the system that provides for a separate record of each particular quantity of product that passes through the factory.

Explanation

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 determine

To state: the system that accumulates the cost for each department or process within the factory.

Explanation

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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