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Accounting Principles: Managerial Accounting
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This chapter continues the discussion of cost accumulation systems. In Chapter 18, we explained and illustrated job costing. The job cost system (job costing) accumulates costs incurred to produce a product according to individual jobs. For example, construction companies use job costing to keep track of the costs of each construction job. This chapter discusses another cost accumulation system, process costing. The chapter begins with a discussion of the nature of a process cost system. We review the similarities and differences between job costing and process costing. We also present an extended illustration of process costing that includes a discussion of equivalent units of production and the production cost report. In the chapter appendixes, we discuss and illustrate FIFO process costing and the allocation of joint product costs.
Hermanson, Edwards, and Ivancevich - Personal Name
978-1461130239
NONE
Accounting
English
2013
1-316
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