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COSTING METHODS QUES
What is job costing and in which industries is it primarily used?
Job costing is a method where costs are accumulated separately for each distinct job or order; it is primarily used in industries like construction, shipbuilding, printing, and bespoke manufacturing where each job has unique specifications.
What is the primary objective of cost accounting in a manufacturing firm?
To ascertain, control, and reduce the cost of production.
How does batch costing differ from job costing?
In batch costing, costs are collected for a group (batch) of identical products rather than a single job; the cost per unit is obtained by dividing the total batch cost by the number of units in the batch.
What is the meaning of 'cost object' in cost accounting?
Any item for which a separate cost measurement is desired.
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