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Job costing or as some may know it, Job order costing is fundamental to managerial accounting. It differs from Process costing in that flow of cost is tracked by job but not a process. The main difference is that Job costing is in the nature of jobs/work and process costing in a process.
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What does the mean costing mean and what are the importance of costing?
Mean costing, often referred to as average costing, is a method of inventory valuation that calculates the average cost of goods available for sale during a specific period. This approach helps businesses determine the cost of goods sold and inventory value, providing a consistent method for financial reporting. The importance of costing lies in its ability to aid in pricing decisions, budget management, and profitability analysis, ultimately enhancing financial control and strategic planning for organizations. Accurate costing ensures businesses can make informed decisions that impact their overall financial health.
What do you mean by process costing?
The production is continuous. The product is homogeneous. The process is standardized. The output of one process becomes the raw material of another process. The output of the last process is transferred to finished stock.
What does PO mean in business?
PO in business terms means Purchase Order. A purchase order is a document produced by the buyer, stating the intent to buy an item and sets forth expectations for quantity, delivery, price, etc
What does liquidity mean in accounting terms?
Liquidity means availability of enough cash to payout all the liabilities of business at the time when all liabilities or any liability become due to be paid.
What does surplus mean within a business?
Surplus mean excess in business. A business can have a surplus of product in its inventory, which isn't good for revenues.
What does nil mean in business terms?
In business terms 'nil' means 'void' or 'zero' means nothing or not acceptable.
What does process mean in medical terms?
Process in medical terms typically means a normal anatomical bone protrusion.
What does PX mean in finance?
In business terms, PX means price.
What do RWA in terms of international oil trading mean?
What does RWA mean in the oil trading business
What are the 8 Stages in a business buying process and what do they all mean?
1- List and define the steps in the business buying process.
What does costly mean?
Costing a lot ; expensive
What does HR mean in business terms?
it means that you should go to halokitkats.com and sign up.
What does business critical mean?
Importance of the system/feature in terms of availability, accuracy and backup.
Does capital investment can increase profit in business?
If you mean additional capital investment, YES in terms of amount BUT NOT necessarily in terms of percentage.
What does costing lives mean?
In the context of "this war is costing lives" it means it is taking peoles lifes i.e. killing them
What does a franchise mean in business terms?
a franchise is when someone runs a business from a known retailer such as argos they keep all profit but they have to pay argos because they are using their business
What does the abbreviation N.P.O.C mean in terms of bankruptcy status?
I think if you are towards the end of your bankruptcy, it mean "in process of closing"
