Describe JOC in accounting
Describe JOC in accounting?
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JOC means Job Order Costing and it is a portion of Cost Accounting.
The job order costing system is employed whenever a job or batch is appreciably distinct from other batches or jobs. The cost accounting is generally fairly simple in such systems. The Labor and materials are entered on a job ticket. Overhead is generally added to the amount the customer will be charged for materials and labor.
Big Problem Ltd., an oil refining business uses an allowance system to account for bad debts. At the beginning of the year the allowance had a credit balance of $16,000. The following transactions took place during the year. a) Tot
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