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Q: Explain the allocation of job costs for a service company.

A: Job costing is defined as a method of recording thecosts of a manufacturing job, rather than…

Q: where the line is drawn between direct and indirect labor, is direct labor at an employee level or a…

A: Direct Labour is labour or workers that are directly engaged in production of goods. Indirect labour…

Q: Define job costing. When and why is it used? ( in Managerial Accounting )

A: Job costing is the method of allocating the costs to  a particular project.

Q: What information is presented on a job cost sheetand what is its purpose?

A: Job Costing: Job costing is a way of accounting that is meant to assist you in keeping track of the…

Q: how do I make a cost of production report?

A:

Q: Common allocation bases are a. direct labor dollars, direct labor hours, and machine dollars Ob.…

A: The distribution process of different cost to different overhead is called the cost allocation.it is…

Q: Define the term completion of job.

A: Completion of work means that the Project/Works have been completed  operationally and structurally…

Q: Which method of determined operating income is used internally for decision making and considers…

A: Variable costing method / Contribution margin income statement method of determined operating income…

Q: how to calculate average labor time?

A: Lets understand the basics. Direct material and direct labor is required to produce goods or…

Q: What reasons is product cost information needed, job order cost system and process cost system?

A: Note: As the question is not clear. It is assumed that the question is asking for “Why product cost…

Q: What are the three types of costs that are typically recorded on a job cost sheet?

A: A job cost sheet is a record of all expenses relating to a single job or job segment. Companies that…

Q: Included under the definition of employees for FUTA purposes are:

A: FUTA stands for Federal Unemployment Tax Act. This Act has been enacted to provide compensation to…

Q: Compare management accounting with financial accounting Understand the important roles and…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Define unit cost of a job.

A: Cost:   It is the economic value incurred by an organization for manufacturing the products or…

Q: The most sector needs the cost accounting information is Select one: a. Manufacturing sector b. Bank…

A: Cost accounting information includes the information related to: Total Cost of producing the…

Q: Which of the following is not on a job cost sheet? a. Costs charged to a specific job b. Cost of…

A: Lets understand the baiscsJob cost sheet provides information regarding the actual cost of the job.…

Q: What is Job order cost accounting.  Compare it to Process cost accounting.

A: Cost accounting is a sort of accounting, the main objective of which is to ascertain the costs of…

Q: What information is presented on a job cost sheet and what is i

A: A job cost sheet tracks the job number, information about the customer, and the job. This includes…

Completing the Accounting cycle

An accounting cycle is a multiple-step process that analyzes, verify, record and summarize the entities financial data. The accounting cycle starts when the transaction occurs between two parties and ends when the transaction is completed. The accounting cycle changes the entity's financial position as it involves identifying, verifying, and recording the financial transaction in chronological order. Financial position is the summary of business transactions that occurred throughout the particular accounting period. The accounting cycle recurs at the beginning of each financial year.