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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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What are job-order costing and process costing? What types of firms use job-order costing? Process costing?

To determine

Explain the term job-order costing and process costing. Also, identify the firms that use job-order costing and process costing.

Explanation

Job-order Costing and Process Costing:

The approach which accumulates the cost on the basis of job is known job-order costing whereas the approach which accumulates the cost of production on the basis of process or department is known as process costing.

Job-order costing is often used by firms that manufacture goods or services that are heterogeneous in nature. It accumulates the cost performed by different jobs in order to get the total production cost.

Process costing is often used by firms that manufacture a large number of identical goods. There are various processes and departments involved in the production of a product. This approach accumulates the cost incurred in each process or department.

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