1 Define accounting. What are the differences between cost, managerial, and financial accounting? What is GAAP and what role does GAAP play in the accounting process?
2. Define and distinguish between job-order and process costing. What are the strengths and weaknesses of each? Discuss the steps one would use in carrying out job and process costing.
3. Define cost allocation. What are some of the important underlying considerations in cost allocation? What would happen if you relax some of these considerations? Why is cost allocation base important in the cost allocation process? What criteria are commonly used to determine this base? Explain.
4. What is activity-based costing? How does it differ from the conventional costing method? What are the steps in an activity-based costing; more important, what specific measures would you take to implement an activity-based costing system in government? Explain.
Writing Requirements
- The Essay must be 4-5 pages long. Double Space.
- Conduct research to find relevant information using reliable sources to support your views.
- Use at least 2 academic books and 3 scholarly articles from a library database
- Use APA Style for in-text citations, and references
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