Indicate Whether Each of the Following Statements Is True or False.A

Short Answer

Indicate whether each of the following statements is true or false.A process cost system does not use the same inventory accounts as a job-order cost system.A process cost system accumulates product costs by jobs or batches of products.A company using a process cost system would keep a work in process account for each production department.In a process cost system, the cost of raw materials used is debited to work in process.A company using job-order costing must maintain a separate work in process account for each department.