Indicate Whether Each of the Following Statements About Process Cost

Short Answer

Indicate whether each of the following statements about process cost systems is true or false.Process cost systems use the same general ledger accounts as job-order cost systems.Job-order cost systems accumulate product costs by departments.In a process cost system, as units are transferred from one processing department to another, their costs are transferred to finished goods inventory.In a process cost system, the movement of costs parallels the physical movement of products.In a process cost system, each batch has its own work in process account.