Cost Accounting Flashcards
What is job costing?
A method of recording the costs of a manufacturing job, rather than process.
Job Costing is defined as a method of _______________, rather than process. With job costing systems, a project manager or accountant can keep track of the cost of each job, maintaining data which is often more relevant to the operations of the business
recording the costs of a manufacturing job
Job costing is defined as a method of _____________ of a manufacturing job, rather than process. With job costing systems, a project manager or accountant can keep track of the cost of each job, maintaining data which is often more relevant to the operations of the business.
recording the costs
________. With job costing systems, a project manager or accountant can keep track of the cost of each job, maintaining data which is often more relevant to the operations of the business.
Process
When is job costing used?
in situations where each job is different and is performed to the customer’s specifications.
Job costing is an _____________ costing technique.
Order specific
Job costing is used when in situations where ______________ and is performed to the customer’s specifications.
Each job is different
Job costing is used when in situations where each job is different and is _________________
performed to the customer’s specifications
Job costing involves keeping an account of direct and ____________________.
Indirect costs
Job costing involves keeping an account of ____________ and indirect costs.
Direct
Since both types of costs are usually closely related (a job requiring high input of labour and material is likely to consume more power, machine time, supervision time, inspection time, etc.) indirect costs may be applied as an estimated fraction of ______________.
Direct costs
Since both types of costs are usually closely related (a job requiring high input of labour and material is likely to consume more power, machine time, supervision time, inspection time, etc.) _____________costs may be applied as an estimated fraction of direct costs.
Indirect
Job costing methods are ____________contract costing and batch costing methods, and are used in construction, motion picture, and shipping industries, in fabrication, repair, and maintenance works, and in services such as auditing.
Similar to
Job costing methods are similar to _____________ and batch costing methods, and are used in construction, motion picture, and shipping industries, in fabrication, repair, and maintenance works, and in services such as auditing.
Contract costing
Job costing methods are similar to contract costing and ______________ methods, and are used in construction, motion picture, and shipping industries, in fabrication, repair, and maintenance works, and in services such as auditing.
Batch costing
Job costing methods are similar to contract costing and batch costing methods, and are used in ____________, motion picture, and shipping industries, in fabrication, repair, and maintenance works, and in services such as auditing.
construction
Job costing methods are similar to contract costing and batch costing methods, and are used in construction, _____________, and shipping industries, in fabrication, repair, and maintenance works, and in services such as auditing.
Motion picture
Job costing methods are similar to contract costing and batch costing methods, and are used in construction, motion picture, and shipping industries, in fabrication, repair, and ______________works, and in services such as auditing.
maintenance
Job costing methods are similar to contract costing and batch costing methods, and are used in construction, motion picture, and shipping industries, in fabrication, repair, and maintenance works, and in services such as _____________.
auditing.
Contract costing is a way of providing a ___________ for especially large and long term projects that will usually be performed over a number of accounting periods. For example, large civil engineering projects will often involve a business using contract costing when estimating the cost of participating in the project.
Quotation
Contract costing is a way of providing a quotation for especially ___________ and long term projects that will usually be performed over a number of accounting periods. For example, large civil engineering projects will often involve a business using contract costing when estimating the cost of participating in the project.
large
Contract costing is a way of providing a quotation for especially large and long term projects that will usually be performed over a number of accounting periods. For example, large civil engineering projects will often involve a business using contract costing when estimating the cost of participating in the project.
long term
_______________is a way of providing a quotation for especially large and long term projects that will usually be performed over a number of accounting periods. For example, large civil engineering projects will often involve a business using ____________ when estimating the cost of participating in the project.
Contact costing
_______________involves the accumulation of the costs of materials, labour, and overhead for a specific job. This approach is an excellent tool for tracing specific costs to individual jobs and examining them to see if the costs can be reduced in later jobs. An alternative use is to see if any excess costs incurred can be billed to a customer.
Job costing