What are job-order costing and process costing what types, Managerial Accounting

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What are job-order costing and process costing what types

1. What are job-order costing and process costing? What types of firms use job-order costing? Process costing?

2. Give some examples of service firms that might use job-order costing, and explain why it is used in those firms.

3. What is normal costing? How does it differ from actual costing?

4. Why are actual overhead rates seldom used in practice?

5. Explain how overhead is assigned to production when a predetermined overhead rate is used.

6. What is underapplied overhead? When Cost of Goods Sold is adjusted for underapplied overhead, will the cost increase or decrease? Why?

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