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Business

Accounting

What

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4TP: What is different between the journal entries for process costing and that of job order costing?

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Question

What is the difference between job order costing and process costing? What types of companies are likely to use each of these costing processes, along with an example company for each please.

Definition Definition Operation costing method employed to determine the value of a product at each process or stage of the production process, applicable where goods produced from a series of continuous operations or procedure. Process costing is employed by businesses that manufacture goods and where production is in repetitive inflow.

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