Which statement best describes process accounting?
A) It accumulates costs by individual job.
B) It works best with a small number of unique products.
C) It is used on unique products that are produced on a continuous basis.
D) It uses equivalent units computed by the weighted average costing method or the FIFO costing method.

Question

Quizplus · Accepted Answer

Process accounting uses equivalent units to allocate costs in continuous production processes, often employing methods like weighted average or FIFO for cost calculation.

Which Statement Best Describes Process Accounting