Question

[T/F] Once job cost accounts are established, each account is then an identifying code known as a project code

Answer 1

The statement is true. Once job cost accounts are established, each account is given an identifying code known as a project code.

Step-by-step explanation:

The statement is True.

Once job cost accounts are established, each account is given an identifying code known as a project code. A project code helps to identify and track the costs associated with a specific job or project. This code is unique for each job and is used to allocate costs to the correct job cost account.

For example, in a construction company, each construction project may have a unique project code assigned to it. This code allows the company to track the expenses incurred for each project separately and analyze the profitability of each job.