Question

Distinguish between job and process costing​

Answer 1

Difference between Job Costing and Process Costing

SL No.	Basis	Job Costing	Process Costing
1)	Definition	Job costing is a method of costing for a project specific cost determination.	Process costing is a method of costing for product processed through various continuous processes to get final product.
2)	Nature of Product	Used for Unique Product.	Used for Standardized Product.
3)	Records	More record keeping is required for cost incurred for each and every specific job separately.	Its generally aggregates costs so less record required.
4)	Size	It is used for very small size production run.	It is generally used for large production run.
5)	Uses	It is generally used for specific job quotation or customer billing.	It is generally used for getting cost for different process of the final product.