Final answer:
The statement is false; in a process costing system, each department has its own work-in-process inventory account, and costs are transferred through these accounts as a job moves from one stage of production to the next.
Step-by-step explanation:
The statement that in a process costing system with multiple departments, one work-in-process inventory account is maintained and the costs are transferred when a job is completed is false. In a process costing system, each processing department has its own work-in-process inventory account. As goods complete a stage in one department, the costs are transferred to the next department until they reach the final department. Eventually, when the product is completed, the total accumulated costs are transferred to the finished goods inventory. This method reflects a more accurate allocation of costs as the goods move through different stages of production.