Job order costing has normally been used by manufacturing companies, however, it is being utilized more...
Homework Answers
Answer.
job order costing has normally been used by manufacturing companies have your it is being utilised more frequently by professional service business .
A job order cost system can use for professionals service business like this.
1.Job cost sheet would accumulate all direct costs servicing the client.
2. Another cost would include like labour travel material Sub contract services.
3 overhead would be applied using predetermined rate method
4 job order costing is a system of monitoring of expenses.
5. Example of professional service business use job order costing like movie producer accounting firm hospital low firm.
Job and process cost system are used for same goal to determine the cost of product. Both job and process cost system have same cost flow.
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Job order costing has normally been used by manufacturing
companies, however, it is being utilized more...
Is job-order costing as applicable to service companies as it is to manufacturing companies? If so,...
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.
Describe and provide an example of how a job order cost system can be used for...
Describe and provide an example of how a job order cost system can be used for professional service businesses.
Match each costing system characteristic to job order costing, process costing, or both. Used by companies...
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.
11. Depending on the product being manufactured, companies use either a process or job-order costing system....
11. Depending on the product being manufactured, companies use either a process or job-order costing system. Please determine which type of costing system that the following companies would use: Process Job-Order a. Coca-Cola bottling soda b. A paper mill c. An advertising agency d. A paper clip manufacturer e. Boeing making a jet f. An auto repair shop
Process costing rather than job order costing is more appropriate for service companies. O O True...
Process costing rather than job order costing is more appropriate for service companies. O O True False
Week Four - Some companies are more suited to job order costing and others to process...
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.
Which of the following statements is false regarding job-order costing?
Which of the following statements is false regarding job-order costing? Multiple Choice It is used for manufacturing companies, but not service companies. It can be used to calculate a job's unit product cost. It accumulates each job's costs on a job cost sheet. It is used in situations where many different products, each with unique features, are produced each period.In the Excel, or spreadsheet, approach to recording financial transactions, cash paid to creditors is recorded as a decrease in the Cash column and as a...
: Different costing methods provide companies with different options for categorizing and calculating costs. Managers and...
: Different costing methods provide companies with different options for categorizing and calculating costs. Managers and cost accountants should understand the differences between costing methods so that they can choose and properly implement the method that best suits their needs for decision making. For this short paper, you will compare the characteristics of job costing and process costing methods and give examples of when and why each might be used. You will also address the use and benefits of costing...
why do companies use job-order costing to assign manufacturing costs to individual jobs ?
why do companies use job-order costing to assign manufacturing costs to individual jobs ?
Standard costing can be used for both job order and process costing systems. True False Due...
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
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.
Process costing rather than job order costing is more appropriate for service companies. O O 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.
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