What is meant by the term cost driver what is a

Question

1. Describe how job-order costing concepts are used in professional service firms, such as law practices and consulting firms.

2. What is meant by the term cost driver? What is a volume-based cost driver?

3. Describe the flow of costs through a product-costing system. What special accounts are involved, and how are they used?

4. Give an example of how a hospital, such as the Mayo Clinic, might use job-order costing concepts.

Answer 1

Give full description of all assignments that is showing below 1. Illustrate how job-order costing ideas are utilized in professional service firms, these as law practices and consulting firms. 2. What is meant via the term cost driver? What is a volume-based cost driver? 3. Explain the flow of costs through a product-costing system. What special accounts are engaged, and how are they utilized? 4. Provide an instance of how a hospital, these as the Mayo Clinic, might use job-order costing ideas.