Define Job Costing, Job Costing : It is an order-specific costing method, utilized in

Define Job Costing

Job Costing: It is an order-specific costing method, utilized in situations where each job is distinct and is executed to the customer's specifications. Job costing includes keeping an account of direct and in-direct costs.

As both kinds of costs are generally closely related (that is, a job requiring high input of labor and material is probable to consume more power, supervision time, machine time, inspection time, and so on) indirect costs might be applied as an predicted fraction of direct costs. Job costing techniques are alike to contract costing and batch costing techniques, and are employed in construction, motion picture, shipping industries, and in fabrication, repair, maintenance works, and in services like auditing.

View Complete Question

Related Questions in Managerial Accounting

Q : Illustrations of unethical and

Write down a brief note on the illustrations of unethical and unacceptable actions?

Q : Capital gain The increase in value that

The increase in value that the owner of a capital asset receives when the asset is sold. The owner pays tax on that gain or increases, at a lower rate if the assets that are sold are capital asset, such as factory buildings, rather than assets that are sold in the nor

Q : Changing responsibilities of the

Write a short note on the changing responsibilities of the management accountant?

Q : What is Outputs Outputs : Any product

Outputs: Any product or service formed from the consumption of resources. This can comprise information or paper work produced by the completion of the tasks of an activity.

Q : Budgetary accounts Accounts used in

Accounts used in governmental accounting to record the budget amounts but not the actual amount. For example, at the beginning of the accounting period, the planned amount of tax revenue, revenue from license, and inflows from fines would be recorded as one amount in

Q : Information that a manager need to make

What is the various information that a manager need to make a decision?

Q : Cash coverage of growth A financial

A financial analysis tools that measures the need for financing. The formula is the cash-flow from operating activities divided by the cash paid for long-term asset. Cash paid for long-term assets can be found on the statement of cash-flow, in the investing-activities

Discover Q & A

Leading Solution Library

Avail More Than 1433294 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1933293
Asked

3,689

Active Tutors

1433294

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment