Job costing is one of the forms of cost accounting. It is used in conjunction with financial accounting to alert management about profitability with production. A common thread that binds job costing is a signed contract.
Managerial accounting is one of the sub disciplines of accounting and is commonly referred to as cost accounting. Managerial accounting is geared towards internal reporting by comparing actual costs against a known standard.
Job costing reports are management tools used to evaluate project or production performance against a known or estimated standard. They are used in many business sectors and their respective industries. The primary purpose of job costing reports is to identify discrepancies or beneficial results, usually in the form of financial values. They can be used to report both financial and numerical production outcomes.