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Similarities between job order costing and process costing.


Where the Job order costing and Process costing are different from each other there are also some similarities between them. The similarities between them are following:

 Similarities Between Job order costing and Process costing
1.
In job order costing and process costing the main objective is to define the costs of the product.
2.
Both of these have the same purpose to impose costs to material, labor and overhead to determine the unit cost of the product.
3.
In both, inventory accounts are same regarding raw material, work in progress and finished goods.
4.
Besides inventory accounts other accounts are also same which is known as manufacturing accounts (i.e. direct material, direct labor, production overhead etc.)   
5.
In job order costing, the process used to assign overhead is the same as in the process costing.
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