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3e Ch 5 Directed Reading Guide.docx

3e Ch 5 Directed Reading Guide.docx - Chapter 5 Job Costing...

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Chapter 5 Job Costing Directed Reading Part I- Differentiate the cost accounting systems of service and manufacturing firms and unique and standardized products (LO 1). 1. A firm’s cost management system mirrors its ________________ process. 2. Service firms and manufacturing firms that provide custom products or services should use a _________________ system because such a system tracks the individual cost associated with that service or product. 3. Other costing systems include _________________, a system where each product gets the same unit cost, and _______________________, which is a hybrid of job and process costing systems. Part II- The interrelationship of cost accumulation, cost measurement, and cost assignment (LO 2) 4. A cost system must record the costs the business incurs, transaction-by-transaction. This process is called cost _________________. The data comes from source documents. Examples include invoices, time tickets, etc…… 5. Individual transactions are recorded in the cost system but need to be classified into different types of costs. This process is called cost _____________________. There are two types – they are : What is the difference between the two types?
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