ECONOMICS

Detailed explanation-1: -A business that produces homogeneous products on a large scale would use process costing to determine the amount of money spent on each individual process over a particular period, while those dealing in unique, heterogeneous wares would use job costing to determine the cost of each individual unit made.

Detailed explanation-2: -Job order costing is used to measure the revenue gained against the expenses incurred during the production process so that we can determine the profit for every unique job which is being manufactured.

Detailed explanation-3: -Companies in the white-collar sector of business, including law firms, accounting businesses, and private investment companies, can utilize job order costing to manage individual client accounts. For example, accounting firms can consider each individual client a job.

Detailed explanation-4: -A company that manufactures large quantities of homogenous goods will use a job-order costing system. Cost flows and physical flows of units are identical. In an actual job-order costing system, factory overhead is assigned to a job continuously during the production process.