There will be two discussion questions listed below. By the due date assigned, respond to one of the discussion questions and submit your response to the Discussion Area below, using the lessons and vocabulary found in the reading. Support your answers with examples and research and cite your sources using the APA format.
Discussion Question One:
In ACC1002, you studied about Job Order Costing in Chapter 16. In our week 1 lectures, we briefly discussed Job Order costing again. Now, we are learning about Activity-Based Costing in Chapter 18. There is a third costing system called Process Costing covered in Chapter 17.
Research your text and also some professional articles that compare and contrast these management accounting cost systems.
Write a summary of your findings. Include in your discussion: basic descriptions of each, when you might use each, their methods and any distinct accounts they use, their benefits and disadvantages.
Give your evaluation of them, based on your readings.
Discussion Question Two:
Overhead application to costs is a critical issue for the costing of your products. We are studying several ways to handle this situation.
Describe overhead and the overhead application process.
What would cause an overhead to be overapplied, or underapplied.
Discuss the results to your decision making and the financial statements for each of those two situations.
Describe how the over or under application of overhead should be corrected in the accounting records.
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