Final answer:
The cost accounting systems differ between service and manufacturing firms, as well as between unique and standardized products.
Step-by-step explanation:
In cost accounting, there are differences between the systems used by service firms and manufacturing firms, as well as between firms that produce unique products and those that produce standardized products.
Service firms generally have costs that are more labor-intensive and less reliant on physical products. Their cost accounting system may focus more on tracking labor costs, such as wages and employee benefits.
Manufacturing firms, on the other hand, have costs that include both labor and materials. Their cost accounting system may track direct materials costs, direct labor costs, and manufacturing overhead costs.
When it comes to unique products, the cost accounting system may involve tracking specific costs associated with each individual product. This could include materials costs, labor costs, and overhead costs that are unique to the production of that particular product.
For standardized products, the cost accounting system may focus more on standardizing costs across all units of the product. This could involve allocating overhead costs based on predetermined rates, rather than tracking individual costs for each unit produced.