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Cost and management accounting

Cost and Management accounting on Batch and Job costing

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Cost and management accounting

  1. 1. Cost and Management Accounting Batch and contract costing Presented By: Affia McLeod, Theresa Hunter, Yaneca McLaren and Stephanie Cummings
  2. 2.  Cost- means the amount of expenditure incurred on a particular thing.  Costing- means the process of ascertainment (collection) of costs.  Batch-is a quantity of goods produced at one time. Key terms
  3. 3.  Batch Cost may be defined as a cost that is incurred when a group of products or services are produced.  It cannot be identified to specific products or services within each group Batch cost
  4. 4.  Batch Costing is the identification and assignment of those costs incurred in completing the manufacture of a specified batch of components.  The batches of items made are usually placed in storage and sold in the future.  Within each batch is a number of identical units but each batch will be different. Batch costing
  5. 5.  Each batch is a separately identifiable cost unit which is given a batch number in the same way that each job is given a job number.  Costs can then be identified against each batch number. For example materials requisitions will be coded to a batch number to ensure that the cost of materials used is charged to the correct batch. continuation
  6. 6.  Job Costing is a specific order cost system used for costing jobs made to customer orders. Job costing
  7. 7.  Batch costing is concerned with making a quantity of items, whereas job costing focuses on a specific order from the customer. Distinguish between Job Costing and Batch Costing
  8. 8.  Contract costing is similar to job costing and is usually used for work that are constructional in nature. Contract costing
  9. 9.  Duration exceeds one year  The work is site based  Constructional in nature Characteristics of contract
  10. 10.  Short term contracts are contracts that are commenced and completed during the accounting period.  Long term contracts are contracts that extend over more than one year accounting period. Differentiate between long term and short term contract
  11. 11.  Materials  Labour plant  Direct materials Main types of expenses
  12. 12.  costing.html  content/uploads/2013/02/Chapter-20-Job-Batch-and- Process-Costing.pdf References

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    Dec. 22, 2014
  • ash00ahmad

    May. 7, 2017
  • MhmaKmar

    Apr. 3, 2018

Cost and Management accounting on Batch and Job costing


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