A prime document utilized to record purchases of parts and materials that are directly chargeable to specific jobs or processes, bypassing the organization's stores. The document specifies item descriptions, commodity codes, item values, and corresponding accounting or cost codes.
An identifiable, discrete piece of work carried out by an organization. For costing purposes, a job is usually given a job number.
Job costing involves tracking the expenses linked to specific projects or jobs which are typically broken down into direct materials costs, direct labour costs, and overheads.
Job costing, also known as job order costing or specific order costing, is a costing methodology used to accurately assess the costs associated with individual jobs within an organization—essential for businesses that produce a diverse range of products or services.
A number assigned to each job where job costing is in operation; it enables the costs to be charged to this number so that all the individual costs for a job can be collected.
Specific Order Costing, often compared to job costing, is a method of assigning production costs to a distinct batch or order. It provides a bespoke way to track the profitability and efficiency of unique production runs.
A time sheet is a tool used to record the amount of time an employee or machine spends on different tasks or activities over a specified period. These recorded hours are integral for job costing, operational assessments, and activity tracking, aiding in accurate financial and productivity analyses.
