COST ACCOUNTING
JOB ORDER COSTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is the correct statement represents job costing
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Only includes Prime Cost
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To provide selling price of the product
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To calculate Cost unit based single job order
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To identify the cost of productions
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Explanation:
Detailed explanation-1: -Which of the following statement is correct with regard to job costing? Job costing differs from most other types of costing system because each cost unit is a job, and no two jobs are exactly the same. Each job is costed separately.
Detailed explanation-2: -The cost per unit is derived from the variable costs and fixed costs incurred by a production process, divided by the number of units produced.
Detailed explanation-3: -The basic flow of costs in a job-order system begins by recording the costs of material, labor, and manufacturing overhead. a. Direct material and direct labor costs are debited to the Work In Process account.
There is 1 question to complete.