Indicate whether each of the following statements is true or false.A process costing system does not use the same inventory accounts as a job-order costing system. ______A process costing system accumulates product costs by jobs or batches of products. ______A company using a process costing system would keep a Work in Process account for each production department. ______In a process costing system, the cost of raw materials used is debited to Work in Process. ______A company using job-order costing must maintain a separate Work in Process account for each department. ______
What will be an ideal response?
A process costing system does not use the same inventory accounts as a job-order costing system. F
A process costing system accumulates product costs by jobs or batches of products. F
A company using a process costing system would keep a Work in Process account for each production department. T
In a process costing system, the cost of raw materials used is debited to Work in Process. T
A company using job-order costing must maintain a separate Work in Process account for each department. F
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