Explain cost accounting and its functions as well the distinguishing features of cost accounting systems for (a) Job order costing, and (b) Process costing

Which of the following is a method used to allocate overhead costs based on the activities that drive those costs? A) Job costing B) Process costing C) Activity - based costing (ABC) D) Variable costing

Explain why unit cost is important in the task order costing method.

Which of the following are the two main types of cost accounting systems for manufacturing operations? Oa. a. job order cost and process cost systems Ob. process cost and general accounting systems Oc. process cost and replacement cost systems Od. job order and general accounting systems

Define the term traditional cost accounting.

Systems Concepts, Traditional versus Activity-Based Cost Accounting Systems The following items are associated with a traditional cost accounting information system, an activity-based cost accounting information system, or both (that is, some elements are common to the two systems): Required: 1. Select the appropriate categories for each of the following items: a. Usage of direct materials   b. Direct materials cost assigned to products using direct tracing   c. Direct labor cost incurrence   d. Direct labor cost assigned to products using direct tracing   e. Setup cost incurrence   f. Setup cost assigned using number of setups as the activity driver   g. Setup cost assigned using direct labor hours as the activity driver   h. Cost accounting personnel   i. Submission of a bid, using product cost plus 25 percent   j. Purchasing cost incurrence   k. Purchasing cost assigned to products using direct labor hours as the activity driver   l. Purchasing cost assigned…

Define and explain cost accounting system

What is Job order cost accounting.  Compare it to Process cost accounting.

Describe the qualities and aims of cost accounting, as well as the purpose and significance of a task cost sheet.

Shipping, selling, marketing, sales order processing, return processing, and advertising activities can be related to products by using activity-based costing. Would allocating these activities to products for financial statement reporting be acceptable according to GAAP