ACC 311 Southern New Hampshire University Accounting Discussion

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xgn5322

Business Finance

acc 311

Southern New Hampshire University

ACC

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Must follow the rubric and meet all requirements from the rubric. Please see attached document for rubric. I really appreciate the help!

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ACC 311 Module Two Short Paper Guidelines and Rubric Overview: Different costing methods provide companies with different options for categorizing and calculating costs. Managers and cost accountants should understand the differences between costing methods so that they can choose and properly implement the method that best suits their needs for decision making. For this short paper, you will compare the characteristics of job costing and process costing methods and give examples of when and why each might be used. You will also address the use and benefits of costing for service businesses. Prompt: Review Chapter 4 in the textbook and the Job Order Costing vs. Process Costing video to support your work on this short paper. Specifically, the following critical elements must be addressed:     Job Costing vs. Process Costing: Characteristics: Compare the characteristics of job costing and process costing. Consider how each method impacts the accounting work involved. Job Costing vs. Process Costing: Example: Select a company of your choice and explain when they might use job costing and when they might use process costing. Cite your work and include sufficient detail. Service Industry Costing: Differences: Explain why costing methods used in the service industry are different from those used in the manufacturing or merchandising industries. Service Industry Costing: Benefits: Select a service industry company of your choice that uses costing and explain the benefits of costing for service companies. Cite your work and include sufficient detail. Rubric Guidelines for Submission: The short paper should be 2–3 pages, double spaced, with 12-point Times New Roman font, one-inch margins, and citations in APA format. Critical Elements Exemplary (100%) Proficient (90%) Needs Improvement (70%) Not Evident (0%) Value Job Costing vs. Process Costing: Characteristics Meets “Proficient” criteria and displays keen insight into the differences of the work involved Compares the characteristics of Compares the characteristics of job job costing and process costing costing and process costing, but the comparison is inaccurate, unclear, or missing key elements Does not compare the characteristics of job costing and process costing 22.5 Job Costing vs. Process Costing: Example Meets “Proficient” criteria and provides highly detailed examples of when a company might use job costing and process costing Provides an example of when a company might use job costing and when they might use process costing Does not provide an example of when a company might use job costing and process costing 22.5 Provides an example of when a company might use job costing and when they might use process costing, but the example is inappropriate or illustrates only one type of costing, or the explanation of when each is used is inaccurate, unclear, or incomplete Critical Elements Exemplary (100%) Proficient (90%) Needs Improvement (70%) Not Evident (0%) Value Service Industry Costing: Differences Meets “Proficient” criteria and explains the practical impact of these differences on the cost accounting process Explains why the service industry may use different costing methods than the manufacturing and merchandising industries Explains why the service industry may use different costing methods than the manufacturing and merchandising industries, but the explanation is inaccurate, unclear, or incomplete Does not explain why the service industry may use different costing methods than the manufacturing and merchandising industries 22.5 Service Industry Costing: Benefits Meets “Proficient” criteria and demonstrates a keen understanding of the day-to-day impact on business operations Provides an example of a company in the service industry that uses costing and explains the benefits of costing for service companies Provides an example of a company in the service industry that uses costing and explains the benefits of costing for service companies, but the example is inappropriate, or the explanation of the benefits is inaccurate, unclear, or incomplete Does not provide an example of a company in the service industry that uses costing, or does not explain the benefits of costing for service companies 22.5 Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Articulation of Response Submission is free of errors Submission has no major errors related to citations, grammar, related to citations, grammar, spelling, syntax, and organization spelling, syntax, or organization and is presented in a professional and easy-to-read format Total 10 100%
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Explanation & Answer

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Running Head: ACCOUNTING

Accounting
Institutional Affiliation
Name
Date

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ACCOUNTING

Accounting
Question One
Job costing involves the detailed collection and accumulation of production costs for
specific units. For example, constructing a custom-designed piece of bed would be accounted for
with the job costing systems. The labour costs on the specific piece of furniture are recorded in a
timesheet and assembled in a cost sheet. Additionally, any wood used in the construction of the
furniture is charged on the production job linked to the piece produced. Job costing method helps
when it comes to charging the customer for the materials used and the work performed. It also
helps the organization track the profitability of the company in terms of its products.
On the other hand, process costing pertains to the accumulation of costs for lengthy
production runs that are homogenous to each other. For example, the production of 100,000
gallons of gasoline requires that the oil used in the process and the labor be factored in one cost
account and divided by the number of units produced. Process costing usually occurs on the
department level. From these descriptions; job costing can be distinguished from process costing
with the following factors;


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