Job Costing, Unit Costing, Process Costing and Joint Product Costing — ‘The Quartet’
Each element ‘the quartet’ —job costing, unit costing, process costing and joint product costing —has distinguishing features. Job costing deals with discrete systems. When products are made continuously, a process costing system emerges. Unit costing is applicable to both systems. Process manufacturing creates other products which are called joint products. Joint products give rise to by-products.
KeywordsCost Accounting Joint Product Direct Labour Equivalent Production Joint Cost
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