When Is It Appropriate to Use Process Costing? Describe How

question 2

Essay

When is it appropriate to use process costing? Describe how costs are accumulated and assigned to products.

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Definitions:

CPM

Critical Path Method; a project management technique used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the project plan.

PERT

Short for Program Evaluation and Review Technique, a project management tool used to schedule, organize, and coordinate tasks within a project.

CPM

Critical Path Method, a project management tool used to schedule, organize, and coordinate tasks within a project.

Define Slack

The amount of time that a task in a project schedule can be delayed without causing a delay to subsequent tasks or the project completion date.