Question

Defferenciate Job Costing & Process Costing

Answer 1

Job costing	Process costing
1)Job costing is used for unique products.	1)Process costing is used for standarised products
2)Job costing is used for very small production runs.	2)Process costing is used for large production runs.
3)Job costing requires more record book keeping.	3)Process costing aggregate costs, so requires less record keeping.
4)There is less scope of cost reduction.	4) there is high scope of cost reduction.
5) cost is ascertained after completion of job.	5)cost is ascertained at the end of cost period