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cost accounting
Questions and Answers of
Cost Accounting
Distinguish between variable cost and the economic concept of marginal cost.
Define a fixed cost
What is a semi-variable cost?
What is the formula for a linear semi-variable cost?
What is the scatter graph technique?
What are the least square Normal Equations?
Why is it necessary to allow for the effect of inflation in cost analyses?
Why is judgement required in cost prediction?
What are step costs?
The behaviour of a cost can be expressed algebraically as:where b = labour hours c = material in Kgs d = machine hours and x = output in units You are required to:a. Explain what type of cost is
Using the results obtained in Exercise 1 calculate the cost at 85 units using linear interpolation. What is the extent of the error caused by linear interpolation?Data From Exercise 1:-The behaviour
The following cost and activity data were taken from factory records.Using the least squares method of linear regression calculate the fixed and variable elements of the cost. Cost incurred 656
Draw a scattergraph of the data in Exercise 3 and show the calculated regression line.Data From Exercise 3:-The following cost and activity data were taken from factory records.Using the least
A company operates interlocking financial and cost accounting book-keeping systems.The following balances and data relate to the Cost Ledger.The following data concerns the period’s operations.You
The profit shown in the financial accounts was £11,287 and for the same period the cost account showed a profit of £2,704.Examination of the accounts showed the following differences:Reconcile the
A firm maintains separate Cost and Financial Ledgers. The opening trial balance in the Cost Ledger was as follows:Cost Ledger — Opening Trial BalanceDuring the period sales were £37,529 and
What is a costing method?
What are the five main types of costing methods?
What is the relationship of a costing technique to a costing method?
Define job costing.
What factors need to be present before a job costing system can operate efficiently?
What is a job cost card?
How is it completed?
How does batch costing differ from job costing?
How can ABC be applied to job costing?
Batch No. X37 incurred the following costs:Factory Overheads are absorbed on labour hours and the rates are £8 per hour for Dept A and £5 per hour for Dept B.The firm uses a cost plus system for
A firm deals with a variety of jobs which are separately costed. An investigation has shown that for a number of the smaller jobs the cost of calculating the job costs represents up to 5 of the total
What would be the likely effects of absorbing all overheads in a firm on labour hours when some jobs contain mostly labour and little machining whilst others use many machine hours but little labour?
What are typical characteristics of work for which contract costing is used?
How are plant capital costs dealt with in contract accounts?
What is a progress payment and how is it calculated?
When can profit on uncompleted contracts be taken?
What are the general principles recommended by SSAP 9 for calculating attributable profit?
What balance sheet entries may arise in connection with uncompleted contracts?
Give five typical debit entries and two typical credit entries in a contract account.
Prepare columnar contract accounts for Bayes Construction Ltd who at present have two contracts in progress.The following details were extracted at 31st December.Head office charges of £22,500 are
Site and contract work pose particular difficulties for cost control and accurate cost accounting.You are required to describe the problems which might arise and how these can be overcome or
What are the arguments for and against charging individual contracts with Head Office costs?
What are the key features of operation costing?
What are the three major sub-divisions of operation costing?
How is the cost per unit calculated using output costing?
Define service costing.
Give five examples of cost units found in service costing.
For what purpose are unit costs used in the Public Sector?
What are the limitations of unit costs?
Give examples of Performance Measurement Statistics recommended for Local Authorities.
What managerial control problems arise when the facilities of a large scale service organization are subject to substantial fluctuations in demand? How can the cost accounting system provide
A firm operates a fleet of twenty lorries which are used for delivering goods to customers. The lorries bring back from the customers the returnable containers.Describe a simple system of cost
A firm’s basic rate is £8 per hour and overtime rates are time and a half for evenings and double time for weekends. The following details have been recorded on three jobs.You are required to
In practice it is unlikely that labour time and output records (eg, time sheets, piecework tickets, job cards) are perfectly accurate. Discuss the reasons for this lack of reliability and the
In order to avoid criticism for spending too long on a job some production workers have been incorrectly classifying part of the time spent actually working on jobs as waiting time. What are the
What is the objective of overhead absorption?
How are overhead absorption rates calculated?
Give six examples of absorption bases.
What factors govern the choice of the absorption base?
When is the Direct Labour Hour Basis - The Machine Hour Basis - most appropriate?
Why are predetermined absorption rates invariably used?
How does over/under absorption arise?
How is under/over absorption dealt with?
How are non-production overheads absorbed?
What is the distinction between absorption costing and marginal costing?
How are production overheads built up and eventually absorbed into production?
What is a service cost centre?
Give six examples of bases of apportionment of service department costs to production cost centres.
What are the three methods of establishing service department costs when reciprocal servicing takes place?
Describe the continuous allotment method.
What is the simultaneous equation method?
Define depreciation.
Why is depreciation a notional charge?
What is the ‘net asset cost’?
Describe straight line depreciation.
Are equal amounts charged each year using the reducing balance method?
What is the formula for the reducing balance method?
What is the production unit method of depreciation?
Give three other methods of depreciation.
What is the major difference between the sinking fund method and all other methods?
What are typical details kept in a Plant Register?
Distinguish between depreciation and obsolescence.
What is the costing treatment of an asset which is still in use after being fully depreciated?
Is taxation a part of cost?
Should imputed interest be included in routine costing statements and records?
How are overheads classified in ABC systems?
How do cost pools differ from traditional cost centres?
What factors need to be considered when selecting cost drivers?
What merits are claimed for ABC systems?
What problems may arise in ABC systems?
a. Calculate five different overhead absorption rates for cost centre 17 based on the following budgeted data.b. A cost unit has been produced in Cost Centre 17 and the following details
a. Give three reasons why over or under absorption of overheads may arise.b. Calculate the amount of over/under absorption of overheads (if any) given:It is considered that overhead absorption based
Discuss the advantages and disadvantages of basing product costs on a single blanket overhead rate for the whole factory instead of separate overhead rates for the various production cost centres.
A blanking machine cost £20,000 and required alterations to the premises of £8,500 to install it. Its life is expected to be 12 years when it could be sold as scrap for £1,500.Calculate the
Two products X and Y are made using similar equipment and methods. The data for last period areCalculate the overheads to be absorbed per unit of each product based on:a. Conventional absorption
What are integrated cost accounts?
What are interlocking financial and cost accounts?
Using integrated cost accounts is the emphasis on functional analysis or analysis by nature of expense?
Using interlocking cost accounts what is the 'Cost Ledger Control A/C' in the Financial ledger?
Why do differences arise between the cost and financial accounts?
What is backflush accounting?
Describe three of the variants that might be found.
Draw a graph showing the earnings per hour, for an output range of 0 — 400 units per hour if the worker is paid under the following wage systems:a. Daywork at £4 per hourb. Straight piecework at
A new incentive scheme has recently been introduced and the first period’s results have been analysed. After studying the results the Managing Director has said that although he was pleased to see
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