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The two basic types of cost accounting systems are: A. Job order costing and perpetual costing. B. Job order costing and customized product costing. C. Job order costing and customized service costing. D. Job order costing and process costing. E. Job order costing and periodic costing.
Unlike the accounting systems that help in the preparation of financial reports periodically, the cost accounting systems and reports are not subject to rules and standards like the Generally Accepted Accounting Principles. In financial accounting, cost classification based on type of transactions, e.g. salaries, repairs, insurance, stores etc. 2  In cost accounting, classification is basically on the basis of functions, activities, products, process and on internal planning and control and information needs of the organization.