Job Costing Definition Job costing is defined as a method of recording the costs of a manufacturing job, rather than process. With costing systems, a… Read More »What is Job Costing? Objectives and Advantages
Machine hour rate method is one of the methods of absorption of factory overheads into production. In industries like chemicals, engineering, steel and other heavy… Read More »Machine Hour Rate: Advantages and Disadvantages
Service costing refers to the costing procedure used for determining the cost per unit of service rendered. The term defined as the cost of specific… Read More »Service Costing: Definition and Objectives
Material Issues Method 1. (FIFO) First in First out The FIFO flow concept is a logical one for a business to follow, since selling off the… Read More »What are the Methods are used to Material Issue?
Suspense Account Suspense account is an account in the general ledger in which amounts are temporarily recorded. It is used when the proper account cannot… Read More »What is a Suspense Account in Accounting?