ACCT19060 - Management Accounting

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Management Accounting (ACCT19060)

Added on 2020-02-23

ACCT19060 - Management Accounting

Management Accounting (ACCT19060)

Added on 2020-02-23

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By student name ProfessorUniversityDate: 28 August, 2017.

1ContentsQuestion no 1..........................................................................................2Question no 2..........................................................................................3Question no 3..........................................................................................4Refrences.................................................................................................71 | P a g e

2Question 1Four types of service firms that might use job order costing are-Manufacturing CompaniesIn case of manufacturing companies, job order costing can be used to control the overall rawmaterial usage, allocation of the labour hour and the overall equipment use. In case ofmanufacturing company, each order that a customer places is considered as a separate job by thecompany. Law firmsSeveral law firms and accounting firms can also use the job order costing. This white collarbusiness uses the same to maintain an individual account of the client. They consider the work ofeach client as a separate job and the decisions are taken on the basis of the same. Medical Services BusinessesMedical service businesses that includes of small hospitals and nursing homes, also uses thesekind of costing method, to consider the cost of each patient as a separate job. The overall billingis done accordingly. However the overall process of maintaining the job orders of the patientsmay be a complex method.Film Studios/Retail CompaniesIn case of retail order business and film companies, they use the job order costing method totrack down the total cost of a particular sale, including the total sales size, and individualdemands. It helps in better analysis and interpretation of the overall cost that has been incurred.Film studio related businesses can use this method to create separate job for each of the studios2 | P a g e

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ACCT19060 - Management Accounting