Job Order Costing vs Process Costing of Products in Accounting

Job Order Costing vs Process Costing of Products in Accounting

Assessment

Interactive Video

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Quizizz Content

Business

University

Hard

The video tutorial explains two main costing methods: job order costing and process costing. Job order costing is used for large, unique, and customizable items, where costs are accumulated by jobs. Process costing is used for mass-produced identical items, where costs are accumulated by process. The video provides examples and details on how costs are allocated in each method.

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2 questions

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1.

OPEN ENDED

3 mins • 1 pt

How does process costing differ from job order costing?

2.

OPEN ENDED

3 mins • 1 pt

Describe the flow of costs in process costing.