1 The terms 'specific order', 'production order', 'job lot cost system' and The control aspects of cost accounting must distinguish between normal and
The basic difference between job costing and process costing are Basis of Distinction Job order costing Process costing 1 Specific order Performed
Unit 1 ❐ Basics of Cost and Management Accounting 1-14 The basic distinction between job costing and process costing lies in the presence
1 There is no difference between costing and cost accounting 2 Cost reduction is a temporary process carried out for a specific unit 3 The results of
job, product or process or expended in converting raw materials into finished goods volume or type of output by differentiating between fixed costs and
2 Job-order costing systems often fail to accurately allocate the manufacturing overhead costs used during the production process to their respective jobs
1 Recognize the difference between traditional costing and activity-based costing distinct type of activity For example: ordering materials
costs, total direct labor costs and overhead costs applied to the job to determine work-in-process inventory and finished goods inventory Manufacturing
deduction of one (1) mark for every four (4) wrong answers and total marks obtained by the Comparison between Job Costing and Process Costing
The main difference between financial accounting and cost accounting are summarized below 1 Financial accounting aims at safeguarding the interests of the
Avoid plagiarism, the work should be in your own words, copying from students or The differences between job costing and process costing are as follows
Distinguish between under- and overapplied manufacturing overhead For example General Motors uses process cost accounting for its standard model cars,
1 The main deciding factor in choosing between a job order costing system or a We need to use EUP because some units of the production process are
1 Examples of industries that would use process costing include the The principal difference between process costing and job costing is that in job
Operation costing is a blend of job-order and process-costing procedures There is a $7,500 difference between the costs assigned and the costs to
Achievement Standard Accounting 91409: Demonstrate understanding of a job cost sub-system for an entity Resource reference: Accounting 3 6B
Which of the following costs is an example of a period rather than a product cost? Depreciation on production equipment; Salaries of salespersons; Wages of