COMMERCE 2AB3 Study Guide - Final Guide: Pearson Education, Association To Advance Collegiate Schools Of Business, Toothpaste

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2AB3
• Professor: Karim Karim

Document Summary

Objective 17. 1: costing systems that are used for the costing of like or similar units of products in mass production are called ________, inventory- costing systems, job- costing systems, process- costing systems, weighted- average costing systems. Aacsb: analytical thinking: job- costing systems separate costs into cost categories according to when costs are introduced into the process of manufacture. Explanation: process- costing systems separate costs into cost categories according to when costs are introduced into the process of manufacture. Aacsb: analytical thinking: the principal difference between process costing and job costing is that in job costing an averaging process is used to compute the unit costs of products or services. Explanation: the averaging process is used to calculate unit costs in process costing. Ustestbank. com: if manufacturing labor costs are added to the process at a different time compared to other conversion costs, an additional cost category direct manufacturing labor costs would be needed to assign these costs to products.