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Lecture

Review of costing.docx


Department
Administrative Studies
Course Code
ADMS 2510
Professor
Geoff Lawrence

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Review of costing
Product costing
Job-order costing: a costing system used in situation where many different products, jobs, or services
are produced each period.
Process costing:
Activity-based costing
Cost accumulation
Absorption costing
Variable costing
Cost valuation
Job-order costing
- Actual costing
- Normal costing
- Standard costing
Process costing
Valuation methods
- Weighted-average method

 
 
- FIFO: a method of accounting for cost flows in a process costing system in which equivalent
units and unit cost relate only to work done during the current period.
Keeping production & costs of beginning WIP separate from those of current period.
Operation costing
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