In accounting system, a document which consists of all assigned cost for specific job is classified as __________?
Correct answer: D. both a and b
- A. job cost record
- B. job cost sheet
- C. source document
- D. both a and b
Explanation
A job cost sheet or job cost record accumulates all direct materials, direct labour and applied overhead assigned to a particular job. These terms are commonly used interchangeably, so both a and b are correct.
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About Cost Accounting
Cost accounting measures and analyses the cost of producing goods or providing services for planning, control and pricing decisions. It covers direct and indirect costs, fixed and variable costs, job and process costing, break-even analysis, marginal costing, overhead allocation, and the difference between product cost and period cost.
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