ACCT2320 3.1 - 3.4

Managers need to be able to assign _ to jobs/products

Managers need to be able to assign costs to jobs/products to make _

Managers assign costs to jobs/products to make decisions like the

1) value of _

Managers assign costs to jobs/products to make decisions like the

2) cost _

Managers assign costs to jobs/products to make decisions like the

3) special _

2 Types of Cost Accounting Systems

for large volume of SIMILAR or indistinguishable products

• Process cost system

• Job order cost

for UNIQUE products or small batches

• Process cost system

• Job order cost

costs accumulated for a time period (i.e.. a week or month)

• Process cost system

• Job order cost

average cost per unit

• Process cost system

• Job order cost