UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Process Costing: Problem - 1
Process Costing: Problem - 1 Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Process Costing: Problem - 1 Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is process costing? |  |
Ans. Process costing is a method of costing used in industries where production is a continuous process, such as oil refining or chemical manufacturing. It involves allocating costs to each production process or department.
| 2. How is process costing different from job costing? | |
Ans. Process costing is used for continuous production processes, where units are indistinguishable from each other, while job costing is used for unique, custom-made products or services.
| 3. What are the main steps involved in process costing? | |
Ans. The main steps in process costing include identifying the cost flow, determining the cost per equivalent unit, assigning costs to units completed and transferred out, and accounting for units in ending work in process inventory.
| 4. How is the cost per equivalent unit calculated in process costing? | |
Ans. The cost per equivalent unit is calculated by dividing the total costs for a particular process by the total number of equivalent units produced during that process.
| 5. What are the advantages of using process costing in manufacturing industries? | |
Ans. Some advantages of process costing include simplified cost allocation, better inventory valuation, and improved cost control for continuous production processes.
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Nov 21, 2024 Last updated |
Video Description: Process Costing: Problem - 1 for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
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