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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

a.Name two principal types of cost accounting systems.
b.Which system provides for a separate record of each particular quantity of product that passes through the factor)?
c. Which system accumulates the costs for each department or process within the factor)?

To determine

Concept Introduction:

Job order costing:

Job order costing is applied to the businesses which manufactured the product or provide the services according to the client's order. As its names suggest, Job order costing is costing done for a particular job. Process costing system:

Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

To Indicate:

The name of two principal type of cost accounting system and indicate which system provides separate record for each product and which system accumulates cost for each department

Explanation

Job order costing is applied to the businesses which manufactured the product or provide the services according to the client's order. As its names suggest, Job order costing is costing done for a particular job...

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