Job Costing involves the costs of every individual unit of production. However, Process Costing involves the costs that are averaged for each production unit. According to the definition, Process Costing is a method that is applied to the manufacture business that is held together by many continuous or repetitive processes. Process Costing works efficiently for the industries that are known to produce a single type of product. Both of these terms signify the costs related to labor, material and overhead costs.
Process Costing helps to keep a tight reign over the monthly expenditures in a manufacturing business. As an example, Job Costing involves the costs that form salaries of labors working in a particular process where Process Costing involves the costs of the processed or manufactured goods undertaken by different departments.
One of the major differences between Job Costing and Process Costing is that the Job Costing can be carried out while a particular job is going on.