Which of the following statements about similarities between process costing and job-order costing are true? I.Both systems assign production costs to units of output. II.Both systems require extensive knowledge of ﬁnancial accounting. III.The ﬂow of costs through the manufacturing accounts is essentially the same.

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Quizplus · Accepted Answer

Both process costing and job-order costing assign production costs to units of output and the flow of costs through the manufacturing accounts is essentially the same in both systems. However, extensive knowledge of financial accounting is not required for either system, so statement II is false.

Which of the Following Statements About Similarities Between Process Costing