Assignment
Reflection
This reflection is comprised of two sections, collectively totaling a minimum of 500 words. Complete your reflection by responding to all prompts.
Costing Systems
The type of product a company produces affects the type of accounting system needed to determine product cost.
The 2 most common types of costing systems are job-order costing and process costing.
Compare and contrast job-order and process costing systems. How can events in a job-order costing system affect financial statements? How can events in a process costing system affect financial statements? Provide specific examples for each type.
Planning, Coordinating, and Controlling Business Operations
Budgeting is a tool used by management for performing the functions of planning, coordinating, and controlling the operations of a business. Our textbook, Managing Accounting Concepts, describes 2 main types of budgeting: static budgets and flexible budgets.
Differentiate between the 2 types of budgets and include the following in your response:
o Provide an example of the type of business or company that would benefit from using a flexible budget.
o Provide support for your business selection and include the advantage for using a flexible budget over a static budget.
Format your assignment according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.