Please answer these questions as if you are preparing lecture slides and please don't forget to find relevant articles to explain these questions and paraphrase them. (Note: please provide references to sites or articles used)

Use the following questions to help guide your written response:

What is job-order costing?

What is process costing?

How are the two different?

What is a predetermined overhead rate?

How is a predetermined overhead rate calculated?

Why is it important to get estimates of overhead costs as accurate as possible?

Provide a visual representation (e.g. a diagram, flow chart, or other visual concept) that illustrates your understanding of the difference between job costing and process costing. You must ensure that your visual representation is unique from any other visual representation available. (Similarities to other available visual representations will be penalised.)

There is no word limit to these reflections. When you are writing your reflections, we want your opinions and reactions to these key concepts and questions above. Remember, in this scenario, you are the lecturer, and you are explaining these concepts to your students. Different people will have different reactions to the key concepts. You must use examples to support your explanations of these key concepts, using your company, your own experiences or other real-world applications