Topic: Job Costing System versus Process Costing System Please clearly and concisely explain the following? 1....

Topic: Job Costing System versus Process Costing System

Please clearly and concisely explain the following?

1. What is a job costing system? Describe several characteristics of the job costing.

2. Describe two companies that use a job costing system. Be sure to explain how it is used.

3. When are companies likely to use a job costing system and explain your reasonings.

4. What is process costing system? Describe several characteristics of the process costing system.

5. Describe two companies that use a process costing system. Be sure to explain how it is used.

6. When are companies likely to use a process costing system and explain your reasonings.

Expert Solution

ekkarill92 answered 1 year ago

Question #1: Compare and contrast a job order costing system and a process costing system -...

Question #1: Compare and contrast a job order costing system and a process costing system - include an example of when each might be used Question #2: Explain in detail what the term "equivalent units" means. How is it used in Accounting and/or what is its purpose

1) Explain the benefits to be gained from using the following costing systems: Job costing Process...

1) Explain the benefits to be gained from using the following costing systems: Job costing Process Costing Activity based Costing b) Discuss the ethical issues in the use of costing systems above (Hint: what elements of these systems require judgement or choice by management and therefore leave open the possibility of manipulation)

"Both a job costing system and a process costing system enable the calculation of the unit...

"Both a job costing system and a process costing system enable the calculation of the unit cost of a product. However, process costing provides a more accurate unit cost." Do you agree? Discuss

Please explain job costing and process costing in your own words along with how it can...

Please explain job costing and process costing in your own words along with how it can be used in daily business life.

When are companies likely to use a job costing system or process costing system? Describe the...

When are companies likely to use a job costing system or process costing system? Describe the specific characteristics of each system and provide at least 2 examples from companies in your community for each system (at least 4 companies should be described).

Match each of the following terms with its correct definition: job-order costing system Process-costing system overapplied...

Match each of the following terms with its correct definition: job-order costing system Process-costing system overapplied overhead plantwide overhead rate predetermined overhead rate job-order cost sheet overhead variance applied overhead actual cost system Time Ticket materials requisition form underapplied overhead normal cost sytem direct materials manufacturing overhead A. The amount by which applied overhead exceeds actual overhead B. The job order number, or name, head this form. C. Materials that can be easily and cost-effectively traced to a specific job...

Discuss several aspects that differentiate the process costing system from job order costing system.

Explain the similarity and difference between process costing and job-order costing.

Which of the following differentiates job order costing from process costing? A: Process costing deals with...

Which of the following differentiates job order costing from process costing? A: Process costing deals with unique products produced on large scale while job costing is used when each unit of output is identical and not produced in batches. B: Process costing is used by service industries, and job costing is used by manufacturing industries. C: Process costing is used when each unit of output is identical, and job costing deals with unique products not produced in batches. D: Process...

Why might a company choose a process costing system over a job order costing system? How...

Why might a company choose a process costing system over a job order costing system? How are the two systems similar, and how are they different?

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