ECONOMICS

Detailed explanation-1: -Correct answer: Option d) Job order costing and process costing. Explanation: The two basic types of cost accounting systems are the job order costing and the process costing.

Detailed explanation-2: -A cost accounting system helps determine how much the production of a good or service will cost. There are two types of systems: job order costing and process costing.

Detailed explanation-3: -The two main types of cost accounting include job order costing and process costing. Job order costing is used to assign costs to specific products.

Detailed explanation-4: -A properly designed cost accounting also gives management information about costs and inventory levels. This information is crucial in controlling costs and setting selling prices. The two types of cost accounting systems we will study are job order cost accounting and process cost accounting.

Detailed explanation-5: -The two most common methods of costing are job costing and Process costing. Job costing is fit for industries that manufacture or perform work per customer specifications. Process costing is suitable for industries where continuous production and the units produced are all the same.