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Finance & Accounting
Pages 8 (2008 words)
Process Costing [Student’s Name] [Course Title] [Instructor’s Name] [Date] Process Costing Introduction In the contemporary period, process costing is one successfully adopted accounting methodology in organizations. Organizations use process costing for effective cost calculation, especially at times when other costing models (job costing or activity based costing) are futile and not producing desired outcomes.
This paper is a comparative analysis report on process costing. The paper aims to review five scholarly articles to determine that how process costing is a significant and effective cost management procedure. The objective here is to extract the comprehensive knowledge on process costing and its execution. Importance of Process Costing When an organization involves the multi-level production process and manufactures products in departmental sequence, then cost management is really a critical task. Process costing is a methodology than enables such organizations to calculate costs in the critical times. It is one methodology that can effectively be applied in manufacturing firms and organizations. Organizations where information flow is departmental can successfully adapt the strategic approach of process costing. This elaborates the comprehensive application of process costing in processing organizations. Literature Review Journal Article 1: Process-Based Costing: The Best of Activity-Based Costing Aim: Process costing is considered as a cost allocation process. It is known to be as a methodology that assigns cost to different process patterns with respect to assigning cost to process a sequence. ...
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