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Why does over costing and under costing occur with traditional costing system?
Over costing and under costing occurs because overhead cost is applied first using some ratio to find out the cost of product before the process of production done and actual cost found.
What is the difference between job costing and contract costing?
Job costing and contract costing are both methods used to determine the costs associated with specific projects, but they differ in their application. Job costing is typically used for individual, customized jobs with distinct specifications, while contract costing is applied to larger, long-term projects, such as construction contracts, where costs are accumulated over the duration of the contract. Additionally, job costing focuses on individual units or batches, whereas contract costing aggregates costs over the entire contract period, often involving multiple jobs and phases.
What are the advantages of process costing over job costing?
I have no clue, please help
What are different costing methods?
Different costing methods include job costing, process costing, activity-based costing (ABC), and standard costing. Job costing assigns costs to specific batches or projects, making it ideal for customized products. Process costing averages costs over continuous, homogeneous processes, suitable for mass production. Activity-based costing allocates overhead based on actual activities, providing more accurate cost insights, while standard costing involves setting budgeted costs for products to streamline variance analysis.
What is the difference between a credit memorandum and a debit memorandum?
A Debit Memo is a over payment A Credit Memo is a over payment
Why does over costing and under costing occur with traditional costing system?
Over costing and under costing occurs because overhead cost is applied first using some ratio to find out the cost of product before the process of production done and actual cost found.
What are the difference in stem positions when notes are placed on the third over the third or under the third lines of the staff?
the difference between the third and over the third or under the third line is that they are difference
What is the difference between an electrical surge and a brownout?
A surge is an over voltage and over current situation and a brownout is an under voltage situation.
What is the difference between the base words super and sub?
Think of 'super' as over or above and 'sub' as under or below.
What is the difference between under driven and over driven superchargers r?
Over driven blowers are geared to spin higher rpm then the motors actual rpm. Vise versa for Under driven.
What are the advantages of process costing over job costing?
I have no clue, please help
What is the difference between a baseball pitch and softball pitch?
Baseball is a over-handed pitch. Softball is a under-handed pitch
What is the difference between an overpass and An underpass?
An overpass goes over another road, but an underpass goes under another road.
How can the type of bond be predicted?
Ionic bond: the difference between electronegativities of the atoms is over 2.Covalent polar bond: the difference between electronegativities of the atoms is under 2.Covalent non-polar bond: the difference between electronegativities of the atoms is cca. zero
What are the difference between adult and infant?
an adult is over 18 old, an infant is under 2 years
Explain why overcosting and undercosting product occur with treditonal costing system?
Over costing and under costing of products occurs because it uses a single cost pool for all of the indirect costs. Amounts are estimated because they are determined at the beginning of the accounting period before actual amounts are known.
What are the difference between lintels and beams?
A lintel is over a window or door and a beam is usually under the structure of the building, either the roof or the floor.
