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What is the cost accounting system that is used by a contractor manufacturing a number of specifically identifiable physical units and whose costs are normally accumulated under separate orders?
Job Order Accounting
What are the two cost accounting systems used by a contractor manufacturing a number of specifically identifiable physical units and whose costs are normally accumulated under separate orders?
job order accounting
What are the two the cost accounting systems that is used by a contractor manufacturing a number of specifically identifiable physical units and whose costs are normally accumulated under separate ord?
The two cost accounting systems commonly used by contractors manufacturing specifically identifiable physical units are job order costing and process costing. Job order costing is used when products are manufactured based on specific customer orders, allowing costs to be tracked for each individual job. In contrast, process costing is applied when products are mass-produced in a continuous flow, with costs accumulated over a period of time and averaged over all units produced. Each system helps in accurately determining the cost of production and pricing strategies.
What happens to the Accumulated Deficit of acquired company prior to acquisition date?
it depends on who is doing the accounting
What is cost accounting system?
Accounting in a manufacturing environment involving tracking, measuring, and recording costs from production and distribution.
What is the cost accounting system that is used by a contractor manufacturing a number of specifically identifiable physical units and whose costs are normally accumulated under separate orders?
Job Order Accounting
What are the two cost accounting systems used by a contractor manufacturing a number of specifically identifiable physical units and whose costs are normally accumulated under separate orders?
job order accounting
What concept is the most basic concept to accounting?
idea is more basic to accounting than the accounting unit or entity, a term used to identify the organization for which the accounting service is to be provided and whose accounting or other information is to be analyzed, accumulated, and reported.
What happens to the Accumulated Deficit of acquired company prior to acquisition date?
it depends on who is doing the accounting
What is cost accounting system?
Accounting in a manufacturing environment involving tracking, measuring, and recording costs from production and distribution.
Accounting entry for capitalization of inventory as fixed assets?
Debit Depreciation Expense Credit Accumulated Depreciation
Factory overhead departmentalization in non-manufacturing business?
an accounting procedure
What is job order accounting?
what is the cost accounting system used by a contract manufacturing a number of identical units for multiple customers
What is the definition of book value as applied to accounting?
carrying amount (original value of the asset minus accumulated depreciation)
IT related job and their job descriptions?
Most IT's works with accounting department specifically with the accounting manager.
What financial statement is prepared first in accounting?
for a manufacturing concern it will be a manufacturing account and for a non manufacturing concern it will be a trading account or a profit and loss account or income and expenditure account.
A machine is currently recorded in the books of a business with a cost of 10000 and accumulated depreciation of 3000 the machine is sold for 8000 account for disposal?
Accounting Entry: [Debit]Cash 8000 [Debit]Accumulated Depreciation 3000 [Credit] Machine 10000 [Credit]Profit on Sale 1000
