FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Q: Describe and illustrate a job order cost accounting systems for service businesses.
A: Job Order Costing is a cost accounting system used in situations where the company delivers a unique…
Q: difference between job order costing and process costing
A: Job order costing is a method of costing that is used to estimate the cost of each good or product…
Q: Briefly discuss the features of Job costing system.
A: CIMA defines Job Costing as “that form of specific order costing which applies, where work is…
Q: Define job costing. When and why is it used? ( in Managerial Accounting )
A: Job costing is the method of allocating the costs to  a particular project.
Q: What information is presented on a job cost sheetand what is its purpose?
A: Job Costing: Job costing is a way of accounting that is meant to assist you in keeping track of the…
Q: Differences between a job order cost system and a process cost system include all of the following…
A: Job Order Cost System and Process Cost System are two different costing methods used in managerial…
Q: Why is cost accumulation simpler in a process costing system than it is in a job-order costing…
A: Process costing is an accounting methodology that traces and accumulates direct costs and allocates…
Q: Describe cost allocation base used in job costing system.
A: Job Costing: Job costing is a process of recording the cost on the basis of manufacturing job…
Q: What reasons is product cost information needed, job order cost system and process cost system?
A: Note: As the question is not clear. It is assumed that the question is asking for “Why product cost…
Q: When would job-order costing be used instead of process costing?
A: Job order costing: Job order cost system provides a separate record of each particular quantity of…
Q: Are the journal entries that match cost flows to product flows in process costing primarily the same…
A:
Q: Why is the job cost sheet important in a job order costing system? How is it used in determining a…
A: A costing system for specific jobs is referred to as a "job order costing system." The word "job…
Q: What are the skills needed for the managerial accountant to develop related to process cost systems?
A: The objective of this question is to identify the skills that a managerial accountant needs to…
Q: What is the difference between a Job Order Cost System and a Process Cost System?  Give an example…
A: Cost accounting system: Cost accounting system of an organization consists of procedures and…
Q: Define unit cost of a job.
A: Cost:   It is the economic value incurred by an organization for manufacturing the products or…
Q: Identify the documentsused in a job-order costingsystem.
A: Job order costing is one of the types of costing system which is associated to find out the…
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Concept explainers

Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing …
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In compari…
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What is Job order cost accounting.  Compare it to Process cost accounting.

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