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Explain in your own words what Job Costing and Process Costing are. Why do we...

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Accounting

  1. Explain in your own words what Job Costing and Process Costing are. Why do we have any costing systems at all? What is your plain language definition of Job Costing and Process Costing? How are they different? How are they the same?
  2. Give two real-life examples of actual products that are likely costed using job costing and give two examples of actual products that likely use process costing.
  3. How would a marketing professional or a non-accountant manager benefit from knowing the cost of the company's goods? Why is this important?

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