All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
cost accounting

Questions and Answers of Cost Accounting

Calculate the estimated cost of production of by-products X and Y at the point of separation from the main product.Selling expenses amount to 25% of total works cost, that is, including both
A company manufactures products A, B, and C from a joint process. Additional data are as follows:Derive the values for the lettered spaces. Units produced Joint costs Sales value
What do you understand by operating costing? In what industries is this costing applied?
A Truck starts with a load of 10 tonnes of goods from station P. It unloads 4 tonnes at station Q and rest of the goods at station R. It reaches back directly to station P after getting reloaded with
Write notes on.(i). Transport-costing (ii). Power house costing(iii). Canteen costing.
Distinguish between operating costing and operation costing.
During June 2007, the following transactions took place in XYZ Co. Ltd. You are required to enter the transactions in the financial and cost books. (i) Materials purchased: (a) Credit
What is non-integral accounting system?
The following figures have been extracted from the cost records of a manufacturing unit: Finished products: Entire output is sold at a profit of 10% on actual cost from work-in-progress. Other
What are cost control accounts? Describe their advantages?
As at 31st March, the following balances existed in a companys cost ledger:During the next three months the following items arose: You are required to write up the accounts and schedule the
The cost ledger of a company shows the following balances as on January 1, 2007. Work-in-progress control A/c Finished stock ledger control A/c Works overhead suspense A/c Office and administration
Mention the principal ledgers maintained in financial accounts and cost accounts.
In the course of physical verification of stores as on 31st March 2007, following differences are revealed in case of AB Ltd.Prepare journal entries in the cost ledger to give effect to the above
What do you understand by integrated accounts, and what are the principles involved? State the advantages of Integrated accounts.
What is an integrated accounting? State its advantages.
What do you understand by the integrated accounting system? State its advantages and prerequisites.
Distinguish between Interlocking and Integration System of cost and financial accounts?
Explain the accounts kept in Integrated Accounting System.
State the advantages of integrated cost and financial accounts.
Explain the basic requirements of an Integrated System of Accounting.
What is integrated accounting? Briefly describe the merits of integration.
Discuss the distinguishing features of a process cost system?
M/s Indu Industries Ltd. are the manufacturers of moonlight torches. The following data relate to manufacture of torches during the month of March 2007:Prepare Cost Sheet showing the cost and the
Explain the nature of single costing.
The following details have been obtained from the cost records of Comet Paints Limited: Prepare a production account giving the maximum possible break-up of costs and profit. Stock of raw
Describe briefly the procedure of presenting costs under single costing. Explain giving an example.
The Managing Director of a small manufacturing concern consults you as to the minimum price at which he can sell the output of one of the departments of the company which is intended for mass
The following is the summarised Trading and Profit and Loss A/c of K. Waterproof Manufactures, Ltd., for the year ending 31st march, 2007 in which year 800 waterproofs were sold by the said
Explain the nature of operation costing.
Baluja Shoe Company manufactures two types of shoes A and B. Production costs for the year ended 31st December 2008 were as follows:There was no work-in-progress at the beginning or at the end of the
Meera Industries Limited is a single product organisation having a manufacturing capacity of 6,000 units per week of 48 hours. The output data vis-à-vis different elements of cost for three
The following information for the year ended 31st December, 2008 is obtained from the books and records of a factory:Factory overheads are 80% of wages. Office overheads are 25% of factory cost and
In a manufacturing company, a product passes through 5 operations. The output of the 5th operation becomes the finished product. The input, rejection, output and labour and overheads of each
Xavier company manufactures many products. Each product passes through two production departments, which have the following cost structures: (a). Calculate the unit cost of each of these jobs on
The following information for the year ending December 31, 2001 is obtained from the books and records of a factory:(i). Consolidated completed jobs acount,(ii). Consolidated work-in-progress
(i). What is the nature of job costing? How are the costs recorded on job orders? (ii). Explain the meaning of contract costing and batch costing.
Which of the following production activities would be most likely to employ job order costing? (a). Ship building (b). Candy manufacturing (c). Toy manufacturing (d). Crude oil
Indicate how you would deal with the following items: (a). Plant and machinery pruchased and used on contract work. (b). Amounts received from contractee. (c). Materials lying unused
A factory uses a job costing system. The following data are available form the books at the year ending 31st March 2002. Required:(a). Prepare a cost sheet indicating the prime cost, works cost,
In job-order costing, the basic document to accumulate and ascertain the cost of each order is the.(a). Purchase order (b). Requisition sheet (c). Invoice (d). Job cost sheet
Honesty Engineering Works has a machining shop in which it manufactures two auto parts, P1 and P2 out of forging F1 and F2. For the quarter ending December 2003, following cost data are available:You
(i). Discuss the implications of cost-plus contracts from the viewpoint of:(a). Manufacturer (b). Customer(ii). What is the relevance of the escalation clause provided in a contract?
Which of the following will not be used in job-order costing? (a). Standards. (b). Marginal costing. (c). Averaging of direct labour and material rates. (d). Factory overhead
Describe briefly the nature of accounting problems associated with job costing.
Engineers Ltd. undertook several contracts during the year 2001. The following information relate to contract No. 107: The contract took 13 weeks on its completion. The values of loose tools and
A manufacturing company has an installed capacity of 1,20,000 units per annum. The cost structure of the product manufactured is an under: The capacity utilisation for the next year is estimated
How will you treat profit on incomplete contracts in cost accounts?
The following is the summarised information relating to contract accounts number 100: Included in the above information are wages Rs. 3,500, materials Rs. 4,000 and other expenses Rs. 2,500
What do you understand by cost-plus contract and Escalation clause in contract costing?
ABC Ltd. began to trade on 1st January, 2006. During 2006 the company was engaged on only one contract of which the contract price was Rs. 5,00,000. Of the plant and materials charged to the
Explain the following: (i). Notional profit in contract costing. (ii). Retention money in contract costing.
Compute a conservative estimate of profit on a contract (which is 80% complete) from the following particulars. Illustrate at least four methods of computing the profit: (i) Total expenditure to
Discuss the process of estimating profit/loss on incomplete contracts.
A contractor commenced work on a particular contract on 1st April, 2001. He closes the books of accounts for the year on 31st December of each year. The following information is revealed from his
SV construction Ltd. have obtained a contract for construction of a bridge. The value of the contract is Rs. 12 lakhs and the work commenced on 1st October, 2001. The following details are shown in
Kapoor Engineering Company undertakes a long-term contract which involves the fabrication of prestressed concrete blocks and the erection of the same on consumer's site. The following is
Pioneer Construction Company Ltd. obtained a contract for the erection of a multi-storey building. Building operations started in July 2001. The contract price was Rs. 9,00,000. On 30th June 2002,
A contractor has entered into a long-term contract at an agreed price of Rs. 1,75,000 subject to an escalation clause for materials and wages as spelt out in the contract and corresponding actual are
The following information relates to a building contract for Rs. 10,00,000. The value of plant at the end of 2001 and 2002 was Rs. 7,000 and Rs. 5,000 respectively. Prepare: (i). The
ABC Company produces two types of stereo units. Activity data follows: Required: (i). Calculate the consumption ratios for each activity. (ii). Group activities based on the
ABC company has been incurring two types of overhead costs-material handling and quality inspection. The costs expected for these categories for the coming year are as follows: The company
What is Activity-Based Costing? Why is it needed?
Assume that firm makes four products A, B, C and D. Data for the past period are as follows: Direct labour costs Rs. 7 per hour: Find the unit production cost.(a). Using conventional
What is a cost driver? What is the role of cost driver in tracing costs to products?
Explain the steps in applying Activity-Based Costing (ABC) in a manufacturing Company.
How are activities grouped in a manufacturing company?
Distinguish between activity-based costing and traditional costing system.
Define unit level activities, batch level activities, product level activities and facility level activities.
Overhead costs are source of product cost distortion. Do you agree, Explain.
Explain the concept of Activity-Based Costing and Cost Drivers.
Explain briefly each of the following categories in Activity-Based Costing (ABC) by giving at least two examples:(i). Unit level activities (ii). Batch level activities (iii). Product level
Define Activity-Based management (ABM). What is its importance?
Describe the prime cost method of absorption of factory overheads. Explain fully and illustrate the basic conditions necessary for its application.
In a factory, overheads of a particular department are recovered on the basis of Rs. 5 per machine hour. The total expenses incurred and the actual machine hours for the department for the month of
The level of production activity fluctuates widely in your company from month to month. Because of this the incidence of depreciation on unit cost varies considerably. The management decides that you
The Moden Company has four departments. A, B and C are the production departments and D is a servicing department. The actual cost for a period are as follows:The following data are also available in
In a manufacturing company where costing is done with a view to fix prices, state whether and, if so, to what extent the following items are included in cost.(i). Interest on borrowings. (ii).
A manufacturing company has 2 production departments X and Y and 3 service departments Time keeping, Stores and Maintenance. The departmental summary showed the following expenses for October
Deccan Manufacturing Ltd. have three departments which are regarded as production departments. Service departments, costs are distributed to these production departments using the Step Ladder Method
Factory overhead includes (a). All manufacturing costs (b). All manufacturing costs except direct materials and direct labour (c). Indirect materials but not indirect labour (d).
The overhead of a manufacturing company has been analysed to the point of primary distribution as given below.The canteen is to be apportioned on the basis of employees: The powerhouse is to be
In order to identify costs that relate to a specific product, an allocation base should be chosen that (a). Does not have a cause and effect relationship (b). Has a cause and effect
Explain the general principles to be kept in mind while considering whether item of expenditure is to be treated as overhead.
Modern Manufacturers Ltd. has three Production Departments P1, P2, P3 and two Service Departments S1 and S2 the details pertaining to which are as under:The following figures extracted from
Differentiate between apportionment and absorption of overhead.
A company has three production departments, A, B and C and two service departments, P and Q. The following figures are available as per departmental distribution summary: Production
What is the importance of machine hour as a basis for the absorption of factory overheads?
You are supplied with the following information and required to work out the production hour rate of recovery of overheads in Departments A, B and C. Expenses of Service Department P and Q are
Explain briefly various methods of absorption of factory overheads.
Added cost of a new product will be (a). Materials and labour (b). Materials, labour and factory overhead (c). Materials, labour, factory and administrative overhead (d).
Modern Machines Ltd. have three Production Departments (A, B and C) and two Service Departments (D and E). From the following figures extracted from the records of the company, calculate the overhead
What do you mean by over-absorption and under-absorption of overheads? How would you treat such over and under absorbed factory-overheads in cost accounts?
The rent of business premises should be shared out between cost centres according to: (a). Floor area or cubic capacity. (b). The number of employees. (c). The replacement value of
The budgeted fixed overheads amounted to Rs. 84,000. The budgeted and actual production amounted to 20,000 units and 24,000 units respectively. This means that there will be: (a). An
Distinguish between allocation, apportionment and absorption of overheads.
A factory has three production departments (P1, P2 and P3) and two service departments (S1 and S2). Budgeted overheads for the next year have been allocated/apportioned by the cost department among
The production department of a factory furnishes the following information for the month of October: For an order executed by the department during the period, the relevant information was as
What are the requisites of a good method of absorption of factory overhead?
The insurance of buildings is best apportioned to cost centres using: (a). Floor area or cubic capacity (b). The number of employees (c). The replacement value of machinery and

Showing 6200 - 6300 of 6579

First
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved