ECONOMICS

Detailed explanation-1: -The two basic types of cost accounting systems are the job order costing and the process costing. Job order costing is implemented by the companies that manufacture products that are easily distinguished and different from each other (heterogeneous).

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: -Fixed and Variable Costs The two basic types of costs incurred by businesses are fixed and variable. Fixed costs do not vary with output, while variable costs do. Fixed costs are sometimes called overhead costs.

Detailed explanation-4: -Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.