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Discuss the distinguishing features of process costing. What do you understand by ‘normal loss' and ‘abnormal loss'?
Discuss the justification of inter-process profits. What difficulties are faced in preparing the final accounts?
1. Understand the meaning of joint products and byproducts. Distinguish between the joint products and byproducts.
Prepare a statement showing the apportionment of the joint expenses of manufacture over the different products.
Prepare a comprehensive cost statement for each of the products allocating the materials and other costs based up on: Number of units and Sales value.
What sales strategy could the company have planned to maximize its profit in the year?
Define ‘by-product' and ‘joint products'. What is the difference between them? Give examples.
Discuss the methods of stock valuation in cost and financial accounts. Explain fully the ‘joint costs'
Understand the meaning and application of Operating Costing. Understand the cost unit used in service industries.
Selling and administrative expenses are part of period costs under both absorption and variable costing methods.
For financial accounting and external reporting purposes, all selling and administrative expenses are treated as:
Evaluate the process of developing and implementing the ABM system?Why wasn't ABM implemented across the entire plant?
What role could ABM system play in East River's continuous improved efforts? Include any implications for Management Accountants
What alternatives does Tony have in this situation? What might the company do to prevent this situation from occurring?
Certified does not take into account the effects of the above clause. Prepare Contract Account. Working should form part of your answer.
Discuss the importance of estimating in job costing. How the different costs are recorded in job costing?
What is the quantity of raw material required to be fed at the beginning of Process I and the cost of the same at Rs. 5 per kg?
Define a "flexible budget". Mention the special features of flexible budget. Explain its importance as a budgeting technique and as a tool of control.
What is responsibility accounting? How can responsibility centres be established? How does it differ from "profit centre"?
Define "zero-based budgeting". Distinguish it from traditional budgeting. Enumerate the advantages of zero-based budgeting.
Prepare the sales budgets. A manufacturing company submits the following figures of product A for the first quarter of 2009:
Prepare the production budget and the summarized production cost budget for 5 months ending 31 May 2009.
From the following particulars, prepare a cash budget for the period October to December 2009, indicating the extent of the bank facilities
Prepare a flexible budget for the production of (a) 3,000 units and (b) 4,000 units.
Raw-material-purchase budget in quantity and value. Priced-stores ledger card of the raw material using FIFO method.