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Essay / Research Paper Abstract
This 7 page paper looks at the concept of job order costing, considering what it is, how it should be used, how it is calculated, and the benefits it may bring. The bibliography cites 5 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEjobcos.doc
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Unformatted sample text from the term paper:
them in order to make the right decision (Watts, 1998). Management accounting tools can be very useful in determining, managing and monitoring budgets, and as such we can look
to the costing methods that we might find in the collection of management accounting and particularly the way that we cost jobs (Watts, 1998).
When a job is costed out it is important that all of the associated cost are included, otherwise the costings will be distorted and inaccurate. If we are
going to look at the way that a job is costed we will see that there are two basic methods to undertake this. These are process costing and job costing
(Watts, 1998). Both of these methods are ones that will assign the total costs for the jobs to the goods that are produced (Watts, 1998). They are similar
in that they can both be seen as having an element of averaging, but the types of process used will depend on the goods that are being produced. In order
to understand the idea of job costing and how, when and why it is used wit it a good idea for us to briefly look at process costing so that
we have a comparison (Rich, 2000). Process costing is best used when we are looking at mass produced items (including services), all
of which are similar, form tins of baked beans to oil production (Rich, 2000). The goods can be seen as going though a similar process and as such it is
suitable to take the entire cost of the cost of making these homogenous goods and then dividing it by the number produced.
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