Cost Accounting:

Objectives

After completing this chapter, you should be able to answer the following questions:

LO$.1$ How do job order and process costing systems, as well as their related

valuation methods, differ?

LO$.2$ What are the distinguishing characteristics of a job order costing system?

LO$.3$ What are the primary documents supporting a job order costing system

and what purposes are served by each of them?

LO$.4$ How are costs accumulated in a job order costing system?

LO$\mathrm{.}5$ How are standard costs used in a job order costing system?

LO$.6$ How does information from a job order costing system support

management decision making?

LO$.7$ How are losses treated in a job order costing system?