What are the two basic types of costing systems?

Question

Quizplus · Accepted Answer

The two basic types of costing systems are job costing and process costing. Job costing is used when products are made to individual customer specifications, while process costing is used when producing large quantities of identical products. Periodic and perpetual costing refer to inventory tracking methods, while product costing and materials inventory costing are not commonly used terms in describing costing systems.

What Are the Two Basic Types of Costing Systems