a company is more likely to use a job costing system if?
433750
Terms in this set (16) A company is more likely to use a job order cost system if: it manufactures products with unique characteristics. are converted into finished goods.
572780
The variable cost ratio is a cost accounting tool that is used to express a company's variable production costs as a percentage of its net sales. The ratio is calculated by dividing the variable costs by the net revenues of the company.
1007574
['It is possible to determine process costs periodically at short intervals. ... ', 'It is simple and less expensive to find out the process cost. ... ', 'It is possible to have managerial control by evaluating the performance of each process.', 'It is easy to allocate the expenses to processes in order to have accurate costs.']
436588
If the price that a firm charges is higher than its average cost of production for that quantity produced, then the firm will earn profits. Conversely, if the price that a firm charges is lower than its average cost of production, the firm will suffer losses.
1063391
How are wages for a particular job determined? By the equilibrium between the supply and demand for workers for that job. ... Your wages would probably be higher because demand for baggers would be higher.
1093144
Business owners and investors use operating costs presented in the income statement for analysis, such as the operating expense ratio, which is used to verify how well a firm can control its operating costs. This ratio is calculated by dividing operating expenses by net sales.
1316922
['Simple. Traditional costing assigns expenses according to an average overhead rate. ... ', 'Cost-Effective. ... ', 'Widely Understood Internally. ... ', 'Easy to Explain Externally. ... ', 'Limited Accuracy. ... ', 'Not Helpful. ... ', 'Ignores the Unexpected. ... ', 'Too Simple.']
909112
Global sourcing reduces the production cost and operations greatly since the amount paid on overheads is decreased these. When cost of production reduces the company financial position greatly increases and the retained money can be used for other developments. Sourcing for employer is at a lower labor cost.
390570
Because COGS is a cost of doing business, it is recorded as a business expense on the income statements.
799999
For us the volume of work in place would in fact be revenue recognized for the given period of time. If accounting for long term contracts and using costs incurred as the indicator of % complete, the amount of revenue recognized represents the volume of work in place.
1301711
Using the flexible budget, we can determine the standard variable cost per unit at each level of production by taking the total expected variable overhead divided by the level of activity, which can still be direct labor hours or machine hours.
361127
The service business which is using job order costing provides services which are unique to each customer with related costs that are very importance with each customer. Job cost sheets accumulate all direct costs of clients like labor, material, travel and sub-contracted services...
113499
Job costing involves the detailed accumulation of production costs attributable to specific units or groups of units. Process costing involves the accumulation of costs for lengthy production runs involving products that are indistinguishable from each other. ...
187375
Accounting costs represent anything your business has paid for. You can calculate accounting cost by subtracting your expenses from your revenue. Economic costs represent any “what-if” scenarios for your business. You can calculate economic cost by subtracting implicit costs from your accounting cost.
717499
If a manager's bonus is tied to operating income, then decreasing inventory levels by producing less compared to last year would result in: A) an increase to the manager's bonus under variable costing but not under absorption costing.
153706
Go to Gateway of Tally > F11: Company Features ( F1: Accounting features ). 2. Set the option 'Maintain cost centres?' to Yes .
10698
Question: The Primary Objective In A Process Costing System Is To Allocate Total Manufacturing Costs For An Accounting Period Between Units Finished During The Period And Units Still In Process At The End Of The Period Materials And Conversion Costs Units In Process At The Beginning Of The Period And Units Started ...