ACCT 742 - Advanced Auditing – schedule.docx

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HOME ASSIGNMENT- ACCT 722 – JAN 26, 2018 Costing Terminologies & Classification HOME ASSIGNMENT Product Cost Methods Absorption Costing Abosrption costing mean a cost associated with production ie product costs irrespective of it being a fixed or a variable cost. Marginal Costing The cost that is incurred when one additional unit of product or services is created. Incremental Costing Cost that increases total cost resulting from an increase in production. Organization Costs The cost that is incurred as the time of inception of the business which includes legal and promotional fees. Business Function Costs (department costs) Processing costs Processing cost is a process of accounting that traces and adds up direct costs and allocates indirect cost of a manufacturing process Job Costs Job cost is the cost which an individual incure while performing a specific job. Batch Costs It is a cost which is incurred while manufacturing group of products or services.
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