ECONOMICS

Detailed explanation-1: -TRUE Explanation= Process costing is used when there is mass production of similar products, where the costs associated with individual units of output cannot be differentiated from each other. In other words, the cost of each product pro…

Detailed explanation-2: -Process cost accounting focuses on the process involved in mass-producing products that are very similar in nature. Equivalent units of production are used to determine the cost per unit of completed products.

Detailed explanation-3: -A process costing system is a method typically used within certain sectors of the manufacturing industry to determine the total production cost for each unit of product. It accumulates cost from each process or department and allocates them to the individual products produced.

Detailed explanation-4: -Process costing is a costing method or an operational type of costing in which a manufacturer tracks the cost of production of a sequence of continuous or repetitive processes required to produce a product.

Detailed explanation-5: -Cost accounting focuses on the expenses involved with running your business. It is a common form of accounting for manufacturing businesses, as it allows them to break out costs for each product they produce.