Chapter 4 - Cost Accounting Foundations and Evolutions...

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Chapter 4 Job Order Costing Cost Accounting Foundations and Evolutions Kinney, Prather, Raiborn
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Learning Objectives (1 of 3) Contrast the job order and process costing systems and their valuation methods Define what the term ‘job’ means Explain the purpose of the documents used in a job order costing system
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Learning Objectives (2 of 3) List the journal entries used to accumulate costs in a job order costing system Identify how technology impacts the gathering and use of information in job order costing systems
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Learning Objectives (3of 3) Explain how standard costs are used in a job order costing system Describe how job order costing information supports management decision making Explain how losses are treated in a job order costing system
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Job Order or Process Costing Job Order Small quantities Batches of identifiable, tailor-made products User-specific services Tracks costs by job
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Job Order or Process Costing Job Order Small quantities Batches of identifiable, tailor-made products User-specific services Tracks costs by job Process Large quantities Homogeneous goods Tracks costs by batch of goods by department
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Job Order Costing A job is a single unit or group of units identifiable as being produced to distinct customer specifications A job can be a Client Engagement Project Contract
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Costing Systems Job order costing Process costing COLA
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Product Costing Cost identification Cost measurement Product cost assignment
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Cost Accumulation System defines
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This note was uploaded on 03/23/2010 for the course ACC_ 03 taught by Professor Zeegal during the Fall '10 term at Missouri State University-Springfield.

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Chapter 4 - Cost Accounting Foundations and Evolutions...

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