Q1- How does job-costing differ from process-costing? Why might an ...

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Q1- How does job-costing differ from process-costing? Why might an advertising agency use job costing while a bank would use process costing?

Q2- Distinguish between normal costing and actual costing.

Q3- Describe 3 major source documents used in job-costing.

Q4- Give 2 reasons why most organizations use an annual period rather than a shorter period to compute budgeted indirect-cost rates.

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Answer 1:
In case of job costing, the jobs are defined as distinct units and all costs associated with the unit are assigned to that unit. In case of process costing, the costs are assigned to masses comprising of several units as it would be expensive to trace the cost associated with each process on account of their interdependence and inseparability....

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