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Essay / Research Paper Abstract
This 7 page paper considers what is meant by job costing, how it differs from process costing, how and when it can be used, as well as the advantages and disadvantages in real world applications. The bibliography cites 4 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEcostng.rtf
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Unformatted sample text from the term paper:
incurs these may not be controlled or minimised, nor can a job be costed correctly. The need for a clear picture regarding costs is important for the security of a
company, and for some companies these costs may be more difficult to trace and apportion. This is especially true where companies produce a range of diverse goods with few similar
processes. This is an area of accountancy that receives little attention, but is very important to aid with management information that can help with the more effective running of a
company. If we want to look at the value of job costing we need to be able to place this in the wider context and also consider the alterative of
process costing as well as consider how job costing can be applied as well as the advantages and disadvantages it may present.
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 (Hilton, 2001). Both of these methods are ones that will assign the total costs for the jobs to the goods that are produced (Hilton, 2001). They
are similar as 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). If we consider process costing first, this is the method that is best used when
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