Meaning and Definition of Job Costing:

Job costing as a distinctive method costing is a form of specific order costing which is adopted to execute the work strictly according to customer’s specification. The production process depends upon the member of orders received from customers. As such production is not standardised and intermittent in nature. The goods manufactured are not for stocking but for immediate delivery once it is complete in all respects.

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Features of Job Costing:

The characteristic features of job costing are:

(1) Job costing is adopted by manufacturing concerns as well as non-manufacturing concerns.

(2) Those concerns which follow job costing method produce goods not for stock but against specific orders from customers.

(3) Job costing is adopted in concern where the work done is analysed into different jobs, each job being considered a separate unit of cost.

(4) A separate account is opened for each job to which all expenses incurred on that job, from the date of commencement till the date of completion are debited. This will enable the concern to know the cost of each job.


(5) Under job costing, the cost of each job is ascertained after the completion of the job.

(6) As each job is different from other jobs, each job needs separate treatment under job costing.

(7) By comparing the actual cost of each job against the price charged for each job, the profit or loss made on each job is ascertained.

(8) Under this method, the cost of each job and the profit or loss made on each job undertaken is found out separately.

(9) Under this method, production is intermittent and not continuous.

(10) The industries need not incur selling and distribution expenses as the customers themselves come to place orders and collect the goods after production.

Examples of industries which adopt job costing are—foundries, printers, machine tool making industries, engineering workshop, toy making concerns, furniture making concerns, management consulting concerns, interior decorations, musical instruments, advertising concerns and so on.

Commerce Optional (UPSC-IAS),
Daily Study Target for Commerce Optional 19/09

👆Above are subtopic for Commerce Optional Paper 1 of Cost Accounting


✅ABC Costing✅



Note- Students are advised to read only that subtopics for UPSC commerce Optional Preparation.

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For Guidance Purpose Contact
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✅Educational Updates

Saturday and Sunday is for revision of weekly topic given by Civil Service Gurukul.
We will post daily target study schedule from Monday to Friday.

Advantages and Disadvantages of Activity Based Costing (ABC) for UPSC Commerce Optional Paper -2
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Advantages of Activity Based Costing (ABC): The following are the advantages of ABC: 1. Accurate Product Cost: ABC provides reliable and correct product cost data even Read More ... (https://www.civilservicegurukul.com/advantages-and-disadvantages-of-activity-based-costing-abc-for-upsc-commerce-optional-paper-2/)
The post Advantages and Disadvantages of Activity Based Costing (ABC) for UPSC Commerce Optional Paper -2 (https://www.civilservicegurukul.com/advantages-and-disadvantages-of-activity-based-costing-abc-for-upsc-commerce-optional-paper-2/) appeared first on Civil Service Gurukul (https://www.civilservicegurukul.com/).

Six Implementation Steps to ABC Costing for UPSC Commerce Optional Paper -2
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Six Implementation Steps to ABC Costing Step #1: Activity Identification Firstly, activities must be identified and grouped together in activity pools. Activity pools are the supporting Read More ... (https://www.civilservicegurukul.com/six-implementation-steps-to-abc-costing/)
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Difference between Traditional Costing and ABC Costing for UPSC Commerce Optional Paper -2
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Traditional allocation assigns overhead based on a single overhead rate, while ABC assigns overhead based on several cost pools and the activities that drive costs. Traditional Read More ... (https://www.civilservicegurukul.com/difference-between-traditional-costing-and-abc-costing-for-upsc-commerce-optional-paper-2/)
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👆🏻Applicable for Commerce Optional 2020

Commerce Optional (UPSC-IAS),
Daily Study Target for Commerce Optional 23/09

👆Above are subtopic for Commerce Optional Paper 1 of Cost Accounting


✅Marginal Costing✅



Note- Students are advised to read only that subtopics for UPSC commerce Optional Preparation.

Join 🔜 @commerceoptional

😊 This will be very useful for students of Commerce Optional.
For Guidance Purpose Contact
CA Dhananjay Ojha (Chartered Accountant)
Contact @cadhananjay

⏺⬇️📣Join Best telegram Channel for UPSC commerce Optional 🔵🔜
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Benefits
1. Daily Commerce optional update
2. Current affairs related with Commerce optional
3. Summary notes
4. Value added notes

5.Daily Answer Writing Practice
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Daily Answer Writing Practice- DAY -51 Costing topic of Paper 1 of UPSC Commerce Optional

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Daily Answer Writing Practice- DAY -52 Costing topic of Paper 1 of UPSC Commerce Optional

https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-52/


Daily Answer Writing Practice- DAY -53 Costing topic of Paper 1 of UPSC Commerce Optional

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Daily Answer Writing Practice- DAY -54 Costing topic of Paper 1 of UPSC Commerce Optional

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Daily Answer Writing Practice- DAY -55 Costing topic of Paper 1 of UPSC Commerce Optional

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Daily Answer Writing Practice- DAY -56 Costing topic of Paper 1 of UPSC Commerce Optional

https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-56/

Commerce Optional (UPSC-IAS),
Daily Study Target for Commerce Optional 25/09

👆Above are subtopic for Commerce Optional Paper 1 of Cost Accounting


✅Practical application of Marginal Costing✅



Note- Students are advised to read only that subtopics for UPSC commerce Optional Preparation.

Join 🔜 @commerceoptional

😊 This will be very useful for students of Commerce Optional.
For Guidance Purpose Contact
CA Dhananjay Ojha (Chartered Accountant)
Contact @cadhananjay

Commerce Optional (UPSC-IAS),
Daily Study Target for Commerce Optional 26/09

👆Above are subtopic for Commerce Optional Paper 1 of Cost Accounting


✅Cost Reduction & Cost Control✅



Note- Students are advised to read only that subtopics for UPSC commerce Optional Preparation.

Join 🔜 @commerceoptional

😊 This will be very useful for students of Commerce Optional.
For Guidance Purpose Contact
CA Dhananjay Ojha (Chartered Accountant)
Contact @cadhananjay

Educational updates
We are happy to announce that we are going to start New batch for Commerce Optional Guidance program cum test series from 30th September 2019 Monday.
Limited seats are available. Only 40 students will be taken for guidance program to give best quality of education.
For Registration contact at @cadhananjay

With best regards
Civil Service Gurukul