15 Feb What is the purpose of costing systems? (B) explain the following terms and give an example of each. Cost Object- Traceable Costs – Not easily Traced Costs – 2. There are tw
1. What is the purpose of costing systems? (B) explain the following terms and give an example of each.
Cost Object-
Traceable Costs –
Not easily Traced Costs –
2. There are two type of Costing Systems. Explain.
I. Job Order Costing – (terms to know batches, produce to order)
II. Process Costing System-(terms to know produce to stock, continuous process & homogeneous units)
3. What is the difference in Normal vs Actual Costing Approaches? Which type is most commonly used in business?
4. Measuring Direct Material Costs- explain the following terms:
Work order
Materials requisition form
Bill of Materials
5. What is the purpose of a Job Cost Sheet? What type of information is included in one?
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