(a) Describe briefly three major differences between:
(i) Financial accounting, and
(ii) Cost and management accounting.
(b) Below are incomplete cost accounts for a period

The balances at the end of the period were:

During the period 64 500 kilos of direct material were issued from stores at a weighted average price of £3.20 per kilo. The balance of materials issued from stores represented
indirect materials.
75 per cent of the production wages are classified as 'direct'. Average gross wages of direct workers was £10.00 per hour. Production overheads are absorbed at a predetermined rate of £13 per direct labour hour.
Required:
Complete the cost accounts for the period.

Transcribed Image Text:

Stores ledger control account £000) Opening balance Financial ledger control a/c 176.0 224.2 Production wages control account (E000) 196.0 Production overhead control account (2000) 119.3 Job ledger control account (£000) 114.9 Financial ledger control a/c Financial ledger control a/c Opening balance (£000) 169.5 Stores ledger Jobs ledger