Job and Process Costing

Start with the concepts

Begin with the Process costing mind map for an overview of normal and abnormal losses, joint products, by-products and equivalent units. It also lists physical measure and net realizable value. Use the map to identify terms you want to look up as you work through the other resources.

For a comparison, open the Process Costing mind map. It outlines similarities and differences between process costing and job-order costing, including their basic purposes and the flow of costs through manufacturing accounts.

Build your vocabulary

After looking at the maps, try Chapter 6 Flashcards. The deck includes continuous and discrete loss, the cost of production report, equivalent units of production, and the first-in, first-out method. Work through the terms, then return to the first mind map to see where losses and equivalent units appear.

The BUS 371 - Chapter 5 Terms flashcards add job-order terminology, including job cost sheets, material requisition forms and employee time sheets. They also include normal and abnormal loss and process costing systems, so you can use them alongside both maps.

Practice with quizzes

Move on to Adv Managerial Acct - Process Costing for a weighted-average process costing scenario. The Adv Managerial Acct - Job-Order Costing quiz presents estimated costs and an overhead application question. Job costing quiz also uses manufacturing overhead and machine hours in a question.

After each quiz, return to the relevant map or flashcards and review the terms used in the questions. You can then try another quiz with a different scenario.

Explore the unit

Job and Process Costing is a section of Cost Concepts and Classification in Accounting and auditing. The resources on this page offer several ways into that section: maps for connections, flashcards for terms and quizzes for practice. Choose a format that fits what you want to work on next.