Question

Using the GCU Library, locate a journal article about job-costing systems or how managerial accounting helps businesses make decisions. In the subject line of your post, include the name of the article that you read. Post a link to that article with your initial post, and provide a summary and a reaction to the article. The summary should be approximately 250 words, and the reaction should be approximately 150 words. The summary should describe the major points of the article, and the reaction should demonstrate your interpretation of the article and how you can apply that knowledge. Do not choose an article that one of your classmates has already posted. To participate in follow-up discussion, choose one of the articles that a classmate has posted and provide your own reaction to it. Give a new response please.

Answer 1

Job Costing System:

Job cost accounting is accounting that tracks the prices and revenues by "job" and allows standardized news of gain by job.

For AN method of accounting to support job cost accounting, it should permit job numbers to be appointed to individual things of expenses and revenues.

Employment will be outlined to be a selected project in serious trouble one client, or one unit of product factory-made, or a batch of units of an equivalent kind.

To apply job cost accounting during a producing setting involves pursuit that "job" uses varied forms of direct expenses like direct labor and direct materials, and so allocating overhead prices (indirect labor, pledge prices, internal control and alternative overhead costs) to the roles.

Employment gain report is like AN overall profit & loss statement for the firm, however is particular to every job range.

Job cost accounting could assess all prices concerned during a construction "job" or within the producing of products wiped out separate batches.

These prices are recorded in ledger accounts throughout the lifetime of the work or batch and are then summarized within the final balance before the making ready of the job.