Process costing rather than job order costing is more appropriate for service companies. O O True...
Name a company that is more likely to use process rather than a job order costing system and why? (2 sentences) What is the purpose of a production report in cost accounting ? (1 sentence maximum.)
Standard costing can be used for both job order and process costing systems. True False Due to the nature of the procedures involved, service companies do not use standard costing. True False Due to the nature of the procedures involved, service companies do not use standard costing. True False Under standard costing, the inventory account balance may not actually reflect the true costs incurred to acquire the inventory. True False
Week Four - Some companies are more suited to job order costing and others to process costing. Define these two types of accounting for costs and give a few examples of companies that would benefit from job order costing.
Is job-order costing as applicable to service companies as it is to manufacturing companies? If so, give an example of a service company that might use job-order costing and explain how the company uses this costing method.
Job order costing has normally been used by manufacturing companies, however, it is being utilized more frequently by professional service businesses . Please describe how a job order cost system can be used for professional service businesses.
True or False: Companies prefer that their working capital is a positive amount rather than a negative amount. Select one: O True False
M ob This Multiple Choices & True false 1. Which of the following types of companies would be most likely to use a job-order costing system rather than a process costing system? A. a water bottler B. crude oil refining C. uranium mine D. shipbuilding 2. A job cost sheet is used to accumulate costs charged to a job.
Question 10 Which of the following statements is (are) true? O a If a company uses a process costing system it accumulates costs by processing department rather than by job O b. A manufacturer of ink cartridges would ordinarily use process costing rather than job-order costing O C. All of the listed are true statements cturer of ink cartridges would ordinanly use process coslting rather than job-order O d. The output of a processing department must be homogeneous in order...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
1 a.Explain what is job order costing. b. List 3 companies that could use job order costing and identify a type of product that they produce that will follow job orders. Ex: CPA firm, a job order would be the auditing service of 1 client.