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What is meant by the term cost driver

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1. Describe how job-order costing concepts are used in professional service firms, such as law practices and consulting firms.

2. What is meant by the term cost driver? What is a volume-based cost driver?

3. Describe the flow of costs through a product-costing system. What special accounts are involved, and how are they used?

4. Give an example of how a hospital, such as the Mayo Clinic, might use job-order costing concepts.

Reference no: EM13890829

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