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ACC 403 Cost Accounting > 03 Costing Systems: Job Costing vs. Process Costing > Flashcards

03 Costing Systems: Job Costing vs. Process Costing Flashcards

1
Q

What is a costing system?

A
  • JOB COSTING: The cost object is a unit (or multiple units) of a distinct product or service
  • PROCESS COSTING: The cost object is masses of identical (or highly similar) units of a product or service
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2
Q

How does the workflow for job-costing look like?

A
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3
Q

How to compute the cost allocation rate in a job-costing system?

A
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4
Q

How does the workflow for process-costing look like?

A
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5
Q

What are equivalent units in process costing?

A
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6
Q
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ACC 403 Cost Accounting (7 decks)

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