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Fundamental principles of costing

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Job costing: meaning and definition

Job costing method is a system of costing in which costs are ascertained in terms of specific jobs or orders which are not comparable with each other and non-repetitive in nature.
This method applied where work is undertaken on the request of customers special requirements and each order is comparatively of shorter time period and work is usually carried out within the factory premises or workshop and moves through activities, processes and operations as a continuously identifiable unit.
However,sometimes, the job may be performed outside the factory premises depending upon the nature of job, e.g., plumber job, sanitary job, fitting job,etc. job costing methods are applicable where the unit of manufacture is one and complete in itself. They include printers, job foundries, tool manufactures, contractors, etc. In job costing, the quantity to produce and its requirement is first estimated and thereafter the expenses are determined as per the nature, size or specification of job.   
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