CIMA P1 Syllabus A. Cost Accounting For Decision And Control - Costing in Different Organisations - Notes ^{6 / 7}

Job Costing

This is used when each item output of product is unique / customised

Eg Construction projects

Process Costing

Multiple items are produced simultaneously

Eg Oil refining or brewing

Instead of costing all the products individually, an average cost per unit is used.