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Accounting

Which of the following describes the differences between job-order and process costing?
Job-order costing is used in financial accounting while process costing is used in managerial accounting.
Job-order costing can only be used by manufacturers; service enterprises must use process costing.
Job-order costing is voluntary while process costing is mandatory.
Job-order costing traces costs to jobs while process costing traces costs to departments and averages the costs among the units worked on during the period.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9978799

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