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  3. match the costing system described in the left pan

Match the costing system described in the left panel with cost terminology used in the...

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Accounting

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Match the costing system described in the left panel with cost terminology used in the right panel Process costing Batch costing Standard costing Job costing This is a costing technique used to determine the cost of a job which can be a contract, specific work or assignment that should be performed in accordance with customers' set specifications and requirements. It is the practice of estimating the expense of a production process. These manufacturers will also be able to compare the estimated cost to the actual costs. The difference between the standard cost and actual cost is known as a variance. It refers to a costing technique involving identical units that are produced in lots whereby each lot is assigned a separate number, number of units and the unit costs, and is best suited for industries which manufacture products in lots such as pen manufacturing. is a method oflt assigning costs for a mass quantity of a productor service. For example, a bank provides the same service of receiving deposits to all customers. Another one would be that a company manufactures computer chips for thousands of customers. The concept here is that a company makes many numbers of a product and sells that exactly similar product to everyone

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