Question: Select the incorrect statement regarding cost flows through a process cost system. Multiple Choice The three inventory accounts used are maintained on a perpetual basis.

Select the incorrect statement regarding cost flows through a process cost system.

Multiple Choice

  • The three inventory accounts used are maintained on a perpetual basis.

  • The process cost system is patterned after the physical flow of products as they move through the production process.

  • Product costs are accumulated separately by job.

  • A separate work in process account is maintained for each department or process.

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