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Prepare the contractor and contractee's account for both the years and calculate the profit.
Explain the salient features of Account Standard in respect of accounting for construction contracts.
Ignore the depreciation for plant stolen, destroyed and sold. Show the extracts from contract Account relating to plant.
The value of materials remaining at site was Rs. 20,000. Depreciate plant by 10%. Prepare contract account showing profit to be credited to P&L A/c.
M/s Verma Building Contractors began to trade on 1 January 2009. The following was the expenditure on contract for Rs. 9,00,000.
Prepare contract account, contractee's account and show the balance sheet as on 31 December 2009.
Gaultier Company had actual sales of $800,000 when break-even sales were $600,000. What is the margin of safety ratio?
Prepare the statement of profit per TV at present and (2) the revised selling price to produce the same percentage of profit to sales as before.
Draw a pro forma of a cost sheet and production account. Use imaginary figures to explain the difference between the two.
10% of works cost; profit, 20% on sales; and number of units produced, 10,000. Prepare a statement showing the total cost and profit.
Compute the cost of work-in-progress inventory lost on 30 June 2009 by preparing a statement of cost and profit.
To calculate the cost of direct materials consumed, standard rates or budgeted rates are used.
Find out the comprehensive machine hour rate of machine B. Also find out the costs to be absorbed in respect of the user of machine B, on the following two work
Calculate the production-overhead absorption rate predetermined for the period based on:
Enumerate in detail the number of approaches that you would use in order to account for administration overhead.
Explain in detail the various stages that are involved in accounting for selling and distribution overheads.
Compute the costs allocated to each product from each activity .Calculate the cost of unused capacity for each activity
What was the cost per unit, gross profit and gross margin of each model using ABC costing?
Comprehensive machine-hour rate includes. value of machine . salary of foreman, supervisor, etc.
Explain the different methods of separating the variable and fixed portion of semi-variable overhead.
Calculate the predetermined overhead recovery rate and find out the amount of under- or over-absorption, if any.
From the data given below, calculate the machine hour rate: One fourth of the foreman's time is occupied by the machine
Prove the agreement of Work in Process Inventory with the costs of Job 204.
Prepare the entries for Remmers Company for the above transactions assuming a job order cost accounting system is used. (Omit explanations.)
What are the objectives of incentive plans of wage payments? Explain the conditions necessary for their success.