Denise Seals - Week Three Summary

Denise Seals - Week Three Summary - Denise Seals Managerial...

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Denise Seals Managerial Accounting MBAC5213OL Dr. Lemler March 22, 2009 Week 3 – Summary In week three there are two main concepts in chapter 6; process costing and job-order costing. Process costing assigns cost to a product made through a series of processes; on the other hand job-order costing assigns cost for products made for individual specific jobs. To bring these concepts into everyday life job-order costing is having a product, whether it is a car, boat or house custom made to your specification vs. process costing buying a car, boat or house with only the standard features with no addition specification. Chapter 6 also taught the correct way to calculate these processes within a spreadsheet. Chapter 7 brings in the concepts of cost; allocation, budgeted, actual, common, etc. This chapter specifies when and how to use these cost along with what does these cost affects. For example cost allocation, it does not affect the total
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Denise Seals - Week Three Summary - Denise Seals Managerial...

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