Process costing and Remeasurement: Difference between pages

From ACT Wiki
(Difference between pages)
Jump to navigationJump to search
imported>Administrator
(CSV import)
 
imported>Doug Williamson
(Create page. Sources: linked pages.)
 
Line 1: Line 1:
Process costing (rather than job costing) is used when production is of homogenous items and is organised on a continuous or flow-line basis.
1. ''Financial reporting''.
 
A reassessment of the value of an asset or liability already recorded in an entity's financial records.
 
 
2. ''Foreign currency accounting''.
 
The retranslation of foreign currency denominated assets and liabilities to a reporting entitity's functional currency at a financial reporting period end date.


Under process costing, costs are accumulated for each separate process or operation for a period of time, and then averaged by dividing the total cumulative costs for the period by a measure of the output (for the same period). 


== See also ==
== See also ==
* [[Job costing]]
* [[Currency]]
* [[Financial reporting]]
 
* [[Foreign exchange]]
* [[Other comprehensive income]]
* [[Revaluation]]

Revision as of 15:48, 22 October 2020

1. Financial reporting.

A reassessment of the value of an asset or liability already recorded in an entity's financial records.


2. Foreign currency accounting.

The retranslation of foreign currency denominated assets and liabilities to a reporting entitity's functional currency at a financial reporting period end date.


See also