Question

There are two renowned costing system i.e., Job Order Costing System or Process
Costing System used by manufacturing or service organization. You are required
to highlight the suitability, advantages and disadvantages of each costing system
in context of organizations working in Pakistan.
​

Answer 1

Answer:

I don't know sorry

what is your name

Answer 2

Advantages and Disadvantages of each costing system in the context of organizations

Explanation:

There are vital similarities between job cost accounting and method costing:

• Each job and method cost accounting systems have a constant goal: to see the price of a product.

• Each job and method cost accounting systems have a constant value flow. Accountants record production in separate accounts for materials inventory, labor, and overhead. Then, they transfer the prices to the add method Inventory Account.

• Each job and method cost accounting systems use planned overhead rates to use overhead.

They even have vital variations in job cost accounting and method cost accounting systems:

• Sorts of products created. corporations that use job cost accounting use different|many various|many alternative} jobs with different production needs throughout every amount. method cost accounting is employed by corporations to provide one product, either on an Associate in Nursing current basis or for a protracted amount of your time. All the products created by the corporate beneath method cost accounting is the same.

• Value saving procedures. Job cost accounting accumulates prices by individual jobs. method cost accounting accumulates prices by method or department.

• Add method inventory accounts. within the job value system, there's a piece in method inventory account for every job. {the method|the method} value system includes an added method inventory account for every department or process.