Final answer:
The assertion that a job-cost sheet records and tracks all costs for a specific job from start to finish is true. It registers both fixed and variable costs, which are essential for understanding the total costs involved in job production.
Step-by-step explanation:
The statement that a job-cost sheet is used to record and accumulate all the costs assigned to a particular job, starting when work begins, is true. A job-cost sheet is a critical component in cost accounting systems and is used to record the direct materials, direct labor, and manufacturing overhead costs associated with a specific job. This allows businesses to track the total costs involved in the production of a specific item or service from initiation to completion.
In the case of our example, "The Clip Joint" barber shop, the fixed costs such as the rent for the space and the equipment would be recorded on the job-cost sheet regardless of how many haircuts are done, as these costs do not change with the level of production. The variable costs, like hiring additional barbers, would also be included and are calculated based on the amount of labor hired. In our scenario, at $80 per barber, if two barbers are hired for the day, the variable costs for labor would be $160 for that day.