Describe job-costing and process-costing systems

Assignment Help Accounting Basics
Reference no: EM13154758

1. Describe job-costing and process-costing systems. Explain when it would be appropriate to use each.

2. In a job-costing system, explain why it is necessary to apply indirect costs to production through the use of a manufacturing overhead cost allocation rate.

Reference no: EM13154758

Questions Cloud

Discuss in detail any two supply-side policies : Discuss in detail any two supply-side policies and how they are supposed to work, and describe more generally the supposed benefits and disadvantages of supply-side policies as opposed to expansionary demand management policy options
Find how many hunters must be included in the survey : How many hunters must be included in the survey? Assume that data gathered in earlier surveys have shown € to be approximately 10.
Discount period using a perpetual inventory system : Give the journal entry on July 24 to record payment of the balance due within the discount period using a perpetual inventory system.
Explain why china has in recent years been manipulating : Explain why China has in recent years been manipulating its exchange rate relative to the dollar, and how it effects this currency manipulation
Describe job-costing and process-costing systems : Describe job-costing and process-costing systems. Explain when it would be appropriate to use each. In a job-costing system, explain why it is necessary to apply indirect costs to production through the use of a manufacturing overhead cost allocati..
What percentage of men in footer club are over six foot : What percentage of 25-year-old mean are over 6 feet 2 inches tall? What percentage of men in the 6-footer club are over 6 foot 5 inches?
What is the new volume occupied by the gas : A gas occupying 28mL at standard conditions is heated to 18C while the pressure is reduced to 0.98221 atm. What is the new volume occupied by the gas? Answer in units of mL.
Compare the above two outcomes and explain the differences : Solve the equilibrium in this sequential game. Be sure to characterize the quantity choices, the market price, and the resulting profits. c) Compare the above two outcomes and explain the differences.
Problem regarding accrual basis taxpayer : Lisa Corporation, a calendar year, accrual basis taxpayer, provides the following information for this year and asks you to prepare Schedule M-1:

Reviews

Write a Review

Accounting Basics Questions & Answers

  Non-blocking synchronization algorithms

What is an implicit ack, how is it used, and what benet does it provide? What is non-blocking synchronization? What is Type-Stable Memory Management (TSM),

  Auditors process of understanding internal control

There are four steps in the auditor's process of understanding internal control and assessing control risk for a public company. The first step is to obtain and document an understanding of internal control: design and operation. What are the rema..

  Budgeted purchases for the fourth quarter-forecast sales

Barrett's Fashions forecast sales of $125,000 for the quarter ended December 31. Its gross profit rate is 20% of sales, and its September 30 inventory is $32,500. If the December 31 inventory is targeted at $41,500, budgeted purchases for the four..

  Stockholders of both preferred and common stock

Shea Company has 20,000 shares of 5 percent, $40 par value, cumulative preferred stock. In 2008, no dividends were declared on preferred stock. In 2009, Shea had a profitable year and decided to pay dividends to stockholders of both preferred and ..

  Cost of merchandise basics

Assuming that Reed uses the perpetual inventory method, record the necessary journal entries on June 24 and June 30. The cost of merchandise to Reed Company is 60% of its selling price.

  Personal and dependency exemptions

John and Susan also provide more than half of the support of John's cousin who does not live with them. Susan's father, who died on January 6, 2007, at age 90, has for many years qualified as their dependent. How many personal and dependency exemp..

  Auditor use to develop expectations

How are analytical procedures used in an audit engagement? What premise underlies the use of analytical procedures in auditing? What sources of information can an auditor use to develop expectations? Provide examples. - Answer 100-150 words.

  Tax consequences of the transactions

On July 30, the controller of Monroe purchased 1,000 shares of TNC for the corporation at $8 per share as the stock had received a favorable recommendation from the corporation's financial advisor. What are the tax consequences of these transactio..

  Government reporting agencies

Why is it difficult to develop accounting reporting categories that are uniform for governments within the same type of entity (e.g. cities) and even more difficult to develop them for governments within different types of entities

  Opportunity cost of capital

The rate o a five-year CD is 6 percent. Should you refinance your mortgage or invest the $3,000 in a CD? The 6 percent CD rate is your opportunity cost of capital.

  Violation of the partnership agreement

How might a partner withdrawing in violation of the partnership agreement and without the consent of the other partners be treated? What about a partner who is forced to withdraw?

  Prepare a new contribution format income statement

Assume that the company produces and sells 45,000 units during the year at a selling price of $16 per unit. Prepare a contribution format Income Statement for the year.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd