Joint procducts may be processed differently or maybe sold without processing. This process of production is called the selective process. The calculation of cost in this method is called -- a. Parallel Process Costing b. Cross Process Costing c.Sequential Process Costing D.Selective Process Costing Which is not a feature of process costing : O The output of multiple process is used as raw materíal by another process. O Calculate output in terms of equivalent units. O Process costs aré appropriate for industries that manufacture homogeneous products. O The output of one process is used as raw material by another process.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Joint procducts may be processed differently or maybe sold without processing. This process of production is called the selective process. The calculation of cost in this method is called --
a. Parallel
b. Cross Process Costing
c.Sequential Process Costing
D.Selective Process Costing
Which is not a feature of process costing :
O The output of multiple process is used as raw materíal by another process.
O Calculate output in terms of equivalent units.
O Process costs aré appropriate for industries that manufacture homogeneous products.
O The output of one process is used as raw material by another process.
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