--%>
Assignment Help - homework help

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.

   Related Questions in Managerial Accounting

  • Q : Define Fixed Cost Fixed Cost: The cost

    Fixed Cost: The cost which does not differ in the short term with the volume of action. Fixed cost information is helpful for cost savings by regulating existing capacity, or by removing idle facilities. Also termed as Non-Variable Cost or the Constan

    		•
  • Q : Define Indirect Cost Indirect Cost : A

    Indirect Cost: A cost which can’t be recognized particularly with or traced to a specified cost object in an economically feasible manner.

    		•
  • Q : Management accounting and financial

    What does the difference between management accounting and financial accounting suggest?

    		•
  • Q : Characteristics which accounting

    What are the key qualities or characteristics which accounting information should possess?

    		•
  • Q : Basic accounting principles or concepts

    ACCOUNTING CONCEPTS: Presented below are basic accounting principles or concepts, with which hospital managers should be familiar and that they should understand i

    		•
  • Q : What is Variable Cost Variable Cost : A

    Variable Cost: A cost which differs with changes in the level of an activity, whenever the other factors are held constant. The cost of material treating to an activity, for illustration, differs according to the number of material de

    		•
  • Q : Explain Standard Costing Standard

    Standard Costing: A costing technique which joins costs to cost objects based on reasonable approximations or cost studies and by the means of budgeted rates instead of according to actual costs incurred. The predictable cost of gener

    		•
  • Q : Define Cost Accounting Practice Cost

    Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.

    		•
  • Q : Comparability-Accounting information

    What do you mean by the term Comparability which is accounting information?

    		•
  • Q : Relationship between risk and return

    Write a short note on the relationship between risk and return?

    		•