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cost accounting
Questions and Answers of
Cost Accounting
A worker is paid by differential piecework. The scheme is as follows: up to 50 units per day units per day 50p per unit 51-70 units per day 60p per unit 71-80 units per day 65p per unit 81-100 units
What is a clock card?
Why are job cards difficult to incorporate into wages procedures?
What is an operation card?
Describe the steps in a typical wage procedure.
Are overtime and shift premiums normally included in direct wages?
Give some examples of reports which might assist labour cost control.
What are some of the factors in wage determination?
What is the object of Job Evaluation?
What is Merit Rating?
Give six functions normally carried out by a Personnel department.
What is the labour turnover ratio? (15)
The following are items of cost and expenditure in a manufacturing company:a. Wages paid to fork-lift truck driversb. Finance Director's salaryc. Depreciation of production machineryd. Heating of
Devise a simple block coding system and code each of the items in question in respect of the nature of the item and where it will be charged.
Give five likely effects of incorrectly coding a payment of direct wages as indirect.
What are the essentials of material control?
Outline the main steps in the Purchasing Procedure.
Where does the Goods Received Note (GRN) originate and what is its purpose?
What are the major activities involved in storekeeping?
What is Periodic and Continuous Stocktaking?
In what circumstances is it essential to use Continuous Stocktaking?
What are the advantages and disadvantages of centralized storage?
What are the features which make a JIT environment?
What benefits are claimed for JIT?
What is Materials Requirement Planning?
Invariably goods, services and the supply of materials are obtained by the use of a Purchase Order. Design the layout of a Purchase Order, showing what essential information the order should contain.
Give six advantages of continuous stocktaking.
Give five reasons why stocktaking errors occur.
Give five differences between JIT Purchasing and conventional purchasing.
What is a Bin Card?
What is the Free Stock Balance? Why is this figure of importance?
What is the Perpetual Inventory System?
What are the key elements in inventory control?
What are the three categories of costs associated with stocks?
Define: Lead time, EOQ, Buffer Stock, Reorder level.
How is the Minimum Stock level calculated?
What are the assumptions necessary to use the basic EOQ formula?
What is the EOQ formula?
What is the EOQ formula with gradual replenishment?
An investigation into stores procedures and record keeping showed that for Part No.Y292 the physical stock differed from the Bin Card and also from the Record Card kept in the works office which did
What is the relationship between Perpetual Inventory Systems and Continual Stocktaking?
What is the Economic Order Quantity when demand is 25 per working day, ordering costs are £150 per order, the items cost £3 each and carrying costs are 12% per year.There are 250 working days in a
What are the objectives of issue pricing systems?
What are the basic ledger entries for material issues: to production? indirect materials?
What is the FIFO System ?
What is the effect of the FIFO system in times of inflation?
What are the characteristics of the LIFO system?
Describe the average price method.
What is a specific or unit price?
Define a standard issue price.
What is replacement price?
Using any of the issue pricing systems, how is the closing stock valuation established?
The following information is available about a component.Complete three separate stores ledger accounts assuming that issues are priced using:a. LIFOb. FIFO.c. Average Price Opening Stock Receipts
Which of the following items would be considered as part of the cost of materials taken in stores?a. Cash discountb. Trade discountc. VATd. Freight and carriage chargese. Cost of non-returnable
At what price per unit would Part No. 52Y be entered in the Stores Ledger if the following invoice was received from a supplier? Invoice 150 units Part No. 52Y @ 5 ea = less 20% discount 750 150 600
What are the two major categories of remuneration methods?
What is 'time and a half?
In what circumstances is the use of the High Day Rate System appropriate?
What bonuses are commonly encountered in conjunction with time based remuneration schemes?
What factors should be considered when designing incentive schemes?
What are the advantages and disadvantages of incentive schemes?
What is straight piecework?
What is an 'in lieu' bonus?
What are the objectives of differential piecework systems?
In what circumstances are group incentive schemes most appropriate?
Define cost accounting.
Give 6 examples of costing information and its uses.
What is the relationship between costing, management accounting and financial accountancy?
Most of the applications of cost accounting appear to relate to manufacturing companies.Can cost accounting be applied in other organisations? If so, give 6 examples of organisations where cost
For each of the six examples of organisations given in question 1 give an example of assistance that a cost accounting system could provide.
What is a cost?
Define a cost unit and give examples.
What is a direct cost?
What is the make-up of prime cost?
What are indirect costs?
What is the difference between conversion cost and added value?
Define a cost centre and give examples
What is the difference between cost allocation and cost apportionment?
Give examples of typical apportionment bases for: Heating, Insurance and Wage Administration costs.
What is Activity Based Costing?
What does Activity Based Accounting include?
Give five examples (other than those in the chapter) of each of the following:a. Cost units in manufacturing firmsb. Cost units in service firms
Your Managing Director has asked you to consider changing all the firm’s cost accounting reports to include the added value of the products. How would you deal with this request and what advantages
From a costing viewpoint what are the effects of the increasing automation of manufacturing facilities?
What is classification and why is the process of prime importance?
What is coding and why is it necessary?
What are the features of good coding systems?
What is 'closed notation', 'block coding' and 'check digit verification'?
Distinguish between Group Classification, Hierarchical and Significant Digit coding systems.
What is subjective and objective classification and what is their importance in costing systems?
What is life-cycle budgeting?
“The relevant costs for pricing decisions are full product costs.” Comment.
What is the goal of an OLS linear regression?
What two assumptions are frequently made when estimating a linear cost function?
Rehe Company sells its razors at $3 per unit. The company uses a first-in, first-out actual costing system. A fixed manufacturing cost rate is computed at the end of each year by dividing the actual
The variable manufacturing costs per unit of BigScreen Corporation are:REQUIRED1. Prepare income statements for BigScreen Corporation in January, February, and March of 2012 under throughput
BigScreen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March of 2013 are:REQUIRED1. Present income statements
Pumpkin Bags (PB) is a designer of high-quality backpacks and purses. Each design is made in small batches. Each spring, PB comes out with new designs for the backpack and for the purse. They use
The following partial information is available. Complete the table by filling in all the blanks. Each case is independent.
Describe the five-step decision-making process.
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