Learning Outcomes:
A: Distinguish between cost accounting, management accounting and financial accounting and describe cost by classification, behavior and purpose.
B: Differentiate between direct and indirect costs, fixed and variable costs and comprehend why such a distinction is important.
ASSIGNMENT TASK:
You are required to visit the Muscat Securities Market's website and choose a "manufacturing company". There is large number of listed manufacturing companies therefore every student will chose a different manufacturing company. Company will be assigned to the student on the basis of "First Come, First Serve" rule. It means that the student who will submit the company name first will be given that company first. In other words, if two students have chosen the same company then the student who will submit the company name first will be assigned that company first. Further clarifications and details will be provided by the instructor during online session. Once the company is chosen then you have to perform the following tasks and submit a report.
Problem 1: Write General Description/Profile of the chosen company. In the description you are require to write history of the company, location, nature of the business, type of industry, types of products and services, organizational hierarchy, list the names of the competitors, etc.)
Problem 2: Identify the following responsibility centers of your chosen company:
a. Cost Center(s)
b. Revenue Center(s)
c. Profit Center(s)
d. Investment Center(s)
Problem 3:
(a) Determine and calculate the following costs for the two years given in the annual report of your chosen company:
i. Materials Cost (direct and indirect)
ii. Labor Costs (Direct and indirect)
iii. Manufacturing (factory) overheads
iv. Manufacturing costs (Product Costs)
v. Non-manufacturing Costs (Period Costs)
(b) Now write a critical analysis and the possible reasons for the differences in these costs for the two Years you calculated in part (a).
Problem 4:
(a) Identify the variable costs and the fixed costs of the chosen company. Logically justify and briefly explain how did you identify these costs as variable costs and fixed costs?
(b) Now calculate total variable cost (TVC) and total fixed costs (TFC) of the company.
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Attachment:- Cost Accounting.rar