Compare and Contrast of Accounting Terms

Paper Summary:

This paper discusses Activity Based Costing (ABC), Process Costing and Job Order Costing. While all types of costing strategies require some commitment in terms of resources to implement, the cost-benefit is highly attractive for any organization interested in streamlining its operations and therefore one strategy should be chosen relative to the particular line of business of the organization.

From the Paper:

"Accounting systems, regardless of orientation, all have some general characteristics in common. Accounting systems should be technologically enabled to generate various reports in order for management to monitor firm performance as well as compliance. Additionally, the accounting system should be enabled to allow for tax, payroll, and other special reports to be derived from it (Bhimani, 2003, p.14-17. Finally, accounting must be forward looking in that firm strategy as well as its line of business should adopt a particular accounting system that best suits its operations as well as its long-term strategy. Activity-Based Costing Activity based costing is a system of accounting based on the allocation of resources and accounting for the value of those resources in relation to a specific task or activity. "

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