Chapter 2 Job Order Costing

Chapter 2 Job Order Costing - Chapter 2 Job Order Costing...

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Chapter 2 Job Order Costing Wednesday, January 19, 2011 9:25 AM Job Order Costing (chapter 2) Vs. Process Costing (chapter 3) Tailor-Made or unique goods Continuous Mass Production of like units ex. ice cream, paint, etc Small breadth of denominator (smaller amount made) Large breadth of denominator (thousands at a time) Actual Costing System (ch 1) - made up of actual costs of DM, DL, and FO - very accurate, more- time consuming Normal Costing System (Ch 2)- made up of actual costs of DM and DL, but instead use "applied" FO - more timely, less accurate Also, standard costing system (ch 11) - standard costs for each of DM, DL, and FO Three Financial Statements: 1. Income Statement- net income = revenue - expenses 2. Balance Sheet- assets = liabilities + owner's equity 3. Statement of Cash Flows- changes(Delta) in cash Caused : o by operating activities o By investing o By financing Balance sheet from beginning of year to end is connected by the income statements and the SCFlows dated the last day of the year
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This note was uploaded on 02/27/2012 for the course BUSI 101 taught by Professor Skender during the Spring '08 term at UNC.

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Chapter 2 Job Order Costing - Chapter 2 Job Order Costing...

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