Which Method of Accumulating Product Costs, Job Costing or Process

question 22

Essay

Which method of accumulating product costs, job costing or process costing, would be more appropriate in each of the following situations:
1.A physicians' clinic
2.A manufacturer of ready-mix cement
3.A custom equipment manufacturing
4.A print shop
5.A chemical manufacturer
6.An automobile repair shop
7.A professional services firm
8.A food processing company
9.A consulting firm
10.An oil refinery

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Definitions:

Deposits

Funds stored in a bank or similar entity for security purposes that have the potential to accrue interest as time passes.

Reserve Requirement

The minimum amount of funds that a bank must hold in reserve against deposit liabilities, set by the central bank.

Excess Reserves

The reserves held by banks over and above the legal or required reserve ratio set by central banking authorities.

New Loans

Recently issued debts or obligations by a lender to a borrower, typically involving a certain amount of money to be paid back with interest.