Process costing:
I. Is used for assigning costs in mass production
II. Can only be used in manufacturing
III. Can be used in some service industries
A) I only
B) I and II only
C) I and III only
D) I, II, and III

Question

Quizplus · Accepted Answer

Process costing is primarily used in mass production industries like manufacturing, but it can also be applied to some service industries like hospitality, healthcare, and transportation. Therefore, options I and III are correct, and option II is incorrect because process costing is not limited to manufacturing alone.

Process Costing: I. Is Used for Assigning Costs in Mass Production