A costing system which contains features of both process and job order operations is called a(n):Multiple ChoiceHybrid costing system.Yield costing system.Work in process costing system.Mixed production costing system.None of the above.

A document in a job order costing system that is a cost record maintained for each job is known as a(n):Multiple ChoiceProcess cost system.Units-of-production sheet.Job cost sheet.Finished goods summary.Job lot.

A key idea in process costing that refers to the number of whole units that could have been started and completed given the costs incurred in a period is known as:Multiple ChoiceManufacturing overhead.Units in process.A job cost sheet.Equivalent units of production.Production cost report.

Which statement is TRUE? Group of answer choicesA normal costing cannot be used jointly with a job costing system.A process costing system is more appropriate for service industries than a job costing system.A job costing system assigns direct material costs to products in the same manner as a process costing system does.A job costing system allocates direct costs to products; a process costing system does not assign direct costs to products.A normal costing cannot be used jointly with a process costing system.

What are the major characteristics of process costing system? The main characteristics of processcosting system may be summarized as follows:1. A cost of production report is used to collect, summarize and compute total and unit costs.2. Production is accumulated and reported by departments.3. Costs are posted to departmental work in process accounts.4. Production in process at the end of a period is restated in terms of completed units.5. Total cost charged to a department is divided by total computed production of thedepartment in order to determine a unit cost for a specific period.6. Costs of completed units of a department are transferred to the next processingdepartment in order to arrive at the total costs of the finished products during a period. Atthe same time, costs are assigned to units still in process

______________ Costing and ____________ Costing are the two categories of costing systems.Select one:a.Historical, Standardb.Throughput, Backflushc.Manufacturing, Non-manufacturingd.Direct, Indirect