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The Work-in-Process Control account tracks job costs from the time jobs are started until they are completed.

a-true
b-false

User Roxxypoxxy
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1 Answer

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Final answer:

The Work-in-Process Control account does track job costs from when jobs are started to when they are completed, making the statement true. It is a key component in job order costing, tracking all related costs associated with a job until its completion.

Step-by-step explanation:

The statement that the Work-in-Process Control account tracks job costs from the time jobs are started until they are completed is true. In accounting, specifically in a job order costing system, the Work-in-Process (WIP) account is used to accumulate all the direct materials, direct labor, and applied factory overhead for all jobs not yet completed. As costs are incurred, they are added to the WIP. When a job is completed, its costs are transferred out of WIP and into the Finished Goods account.

User Taisha
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