ECONOMICS

Detailed explanation-1: -One similarity of process cost accounting with job order cost accounting is that both determine total manufacturing costs after each job. Separate work in process accounts are maintained for each production department or manufacturing process in a process cost system. flow of costs.

Detailed explanation-2: -Similarities between Process Costing and Job Order Costing Both process costing and job order costing maintain the costs of direct material, direct labor, and manufacturing overhead. The process of production does not change because of the costing method. The costing method is chosen based on the production process.

Detailed explanation-3: -Job order costing typically requires more record keeping than process costing because businesses that use job order costing record materials and other resources for each item of a job. However, in process costing systems, each process or production department has an inventory account, and they aggregate costs.

Detailed explanation-4: -Which of the following are similarities between job-order costing and process costing? The flow of costs through the manufacturing accounts is basically the same for both costing systems. The same basic manufacturing accounts are used for both costing systems.