Cost Accounting 2 Flashcards
1
Q
What is the difference between Job ordering costing vs. processing costing
A
2
Q
What are two cost accumulated systems?
A
Custom - job order
Homogeneous = process
3
Q
What is the cost of good manufacture statement?
A
This statement accounts for the manufacturing cost of products competed during a specific period.
(Beginning WIP - ending WIP)
4
Q
What is process costing?
A
Process costing is a method of product costing that average cost and applies them To a large number of homogeneous items
