Test Questions in Job Costing
- What do you understand by the meaning of job costing?
- What are the various benefits associated with job costing?
- Explain in detail the meaning of batch costing.
- State various limitations of job costing.
Problem and solution related to job costing
There are 6 steps which should be used for solving problems in job costing. Those six steps are:
- Identification of selected job which is picked as the object of costing.
- Point out direct rate associated with
- For allocation of indirect cost to the work, select appropriate cost-allocation medium for use.
- Categorise the collateral cost of individual cost-allocation medium.
- Calculate rate per unit of distinct cost-allocation medium which is used for distributing the indirect cost to trade.
- Calculate overall job cost by computing every cost which is direct and indirect and is commissioned to the work.
Links of Previous Main Topic:-
- Introduction to accounting and branches of accounting
- Preparation of final accounts
- Introduction of fund flow statement
- Introduction cash flow statement
- Ratio analysis significance of ratio analysis
- Fixed assets and depreciation meaning causes objectives methods and basic factor
- Cost accounting concept objectives advantages limitations general principles and cost sheet
- Job costing
- Limitations of job order costing
- Batch costing
Links of Next Finance Topics:-
- Activity based costing introduction concept and classification
- Introduction inventory pricing and valuation
- Standard costing introduction
- Management accounting
- Marginal costing
- Relevant cost for decision making
- Budget and budgetary control
- Limitations of historical accounting
- Introduction to responsibility accounting