Job costing is a function of accounting whereby certain costs such as materials, labor, supplies and others are assigned a job identifier. This identification system allows management the ability to review costs associated with a job and evaluate performance both financial and physical. This allows for information feedback for improvement in the future.
Phase costing takes accounting to the next level. Phase accounting (costing and accounting are interchangeable at this level of detail) can only be used with job costing. It is designed to break a job down […]