Costing Systems

The type of product a company produces affects the type of accounting system needed to determine product cost.

The 2 most common types of costing systems are job-order costing and process costing.


Compare and contrast job-order and process costing systems. How can events in a job-order costing system affect financial statements? How can events in a process costing system affect financial statements? Provide specific examples for each type.


Planning, Coordinating, and Controlling Business Operations

Budgeting is a tool used by management for performing the functions of planning, coordinating, and controlling operations of a business. Our textbook, Managing Accounting Concepts, describes 2 main types of budgeting: static budgets and flexible budgets.


Differentiate between the 2 types of budgets and include the following in your response:

  • Provide an example of the type of business or company that would benefit from using a flexible budget.
  • Provide support for your business selection and include the advantage for using a flexible budget over a static budget.

Please be sure to cite and reference and ask any questions that may arise. The assigned book(s) for this course is: Edmonds, T., Edmonds, C., Edmonds, M., & Olds, P. (2020). Managerial accounting concepts (9th ed.). McGraw-Hill Education.

Kubasek, N., Browne, M. N., Herron, D., Dhooge, L., & Barkacs L. (2020). Dynamic business law (5th ed.). McGraw-Hill Education

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