Job costing

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Job costing

  1. 1. Prof. Mishu TripathiAsst Professor-Finance
  2. 2.  Job Costing is an order-specific costing technique, used in situations where each job is different and is performed to the customers specifications. Jobcosting involves keeping an account of direct and indirect costs.
  3. 3.  Job costing methods are used in construction, motion picture, and shipping industries, in fabrication, repair, and maintenance works, and in services such as auditing. Shipping, auditing, maintenance and repair, installation, and any industry which creates products unique to each need uses job costing, being it the most efficient method.
  4. 4.  Cost of each job is ascertained separately. This helps in finding out the profit or loss on each individual job Itenables management to detect those jobs which are more profitable and those which are unprofitable
  5. 5.  Itprovides the basis for determining the cost of similar jobs undertaken in future. It thus helps in future production planning Ithelps management in controlling costs by comparing the actual costs with the estimated costs

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