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Cost Accounting Assignment

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Accounting
School
Saudi electronic university
Type
Homework
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College of Administration and Finance Sciences
Assignment (2)
Deadline: Saturday 06/11/2021 @ 23:59
Course Name: Cost Accounting
Student’s Name:
Course Code: ACCT 301
Student’s ID Number:
Semester: 1st
CRN:
Academic Year: 1443 H
For Instructors Use only
Instructor’s Name:
Students’ Grade: /5
Level of Marks: High/Middle/Low
Instructions PLEASE READ THEM CAREFULLY
The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling your information on the cover
page.
Students must mention question number clearly in their answer.
Late submission will NOT be accepted.
Avoid plagiarism, the work should be in your own words, copying from students or
other resources without proper referencing will result in ZERO marks. No exceptions.
All answers must be typed using Times New Roman (size 12, double-spaced) font.
No pictures containing text will be accepted and will be considered plagiarism.
Submissions without this cover page will NOT be accepted.

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College of Administration and Finance Sciences
Assignment Question(s): (Marks 5)
Q1. What types of companies use job costing? How are overhead allocation rates determined by
these companies? Explain and analyze your answer by providing examples of two Saudi
companies that use job costing. (1.5 Mark)
Answer:
Job costing is mainly applicable to products or service that do not undergo a similar pattern,
such as those involving customization. This method of costing is employed by entities whose most
customers request a varies product or service. Examples of a few businesses which employ job
costing would be architects, repair centers, consultancy firms, doctors, etc.
In contrast to process costing where all products or services undergo the same production
cycle and overheads allocated to every product is the same, job costing requires tracking costs in
relation to each job in order to arrive at the total job cost. The costs that are tracked to each job
mainly include material, labor, and overheads. Each of these individual elements are charged to job
in proportion to usage of that element by the job, except for overheads. Because of its unique nature,
companies try their best to allocate overheads to jobs as closest to the usage as possible. Sometimes,
a flat rate of 110% of direct labor cost is also applied. It depends on the business and the nature of
job.
Two Saudi companies that employ job costing in their business are:
Company name Nature of business
A.G. Enterprises HR Consultancy

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College of Administration and Finance Sciences Assignment (2) Deadline: Saturday 06/11/2021 @ 23:59 Course Name: Cost Accounting Student’s Name: Course Code: ACCT 301 Student’s ID Number: Semester: 1st CRN: Academic Year: 1443 H For Instructor’s Use only Instructor’s Name: Students’ Grade: /5 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism. • Submissions without this cover page will NOT be accepted. College of Administration and Finance Sciences Assignment Question(s): (Marks 5) Q1. What types of companies use job costing? How are overhead allocation rates determined by these companies? Explain and analyze your answer by providing examples of two Saudi companies that us ...
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