FINANCIAL+MANAG.ACCT.
FINANCIAL+MANAG.ACCT.
9th Edition
ISBN: 9781260728774
Author: Wild
Publisher: RENT MCG
Question
Book Icon
Chapter 15, Problem 3DQ
To determine

Job Cost Sheet

Job cost sheet is an important document used in accounting in order to identify all the cost that has been incurred to perform a particular job. All the cost including cost of direct materials, sales taxes and manufacturing costs are recorded in the cost sheet.

To identify: The items recorded in a cost sheet and the usage of cost sheets by management and employees.

Explanation:

The items that are recorded in the cost sheet are as follows,

  • Cost of labor.
  • Manufacturing cost.
  • Cost of overheads.
  • Cost of Direct materials.

Usage of job cost sheets by management and employees,

  • Job cost sheets are used by managers in order to determine the actual total cost of the job performed and to assess it and then to find ways to control that extra cost incurred.
  • Assessing the cost sheets carefully helps to improve the efficiency in the future jobs assigned.

Hence, job cost sheet is an important document used in accounting in order to identify all the cost that has been incurred to perform a particular job.

Blurred answer
Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education