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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

Intermediate: Interlocking cost accounts and reconciliation statement K Limited operates separate cost accounting and financial accounting systems. The following manu¬ facturing and trading
Intermediate: Preparation of interlocking accounts from incomplete information(a) Describe briefly three major differences between:(i) financial accounting, and(ii) cost and management accounting.(6
Intermediate: Preparation of cost accounts from reconciliation statement(a) The cost accountant and the financial accoun¬ tant of C Limited had each completed then- final accounts for the year.
Intermediate: Stores pricing and preparation of relevant ledger accounts V Ltd operates interlocking financial and cost accounts. The following balances were in the cost ledger at the beginning of a
Intermediate: Labour cost accounting(a) Describe briefly the purpose of the ‘wages control account’. (3 marks)(b) A manufacturing company has approximately 600 weekly paid direct and indirect
Intermediate: Labour cost accounting and recording of journal entries(a) Identify the costs to a business arising from labour turnover. (5 marks)(b) A company operates a factory which employed 40
Intermediate: Calculation as analysis of gross wages and preparation of wages and overhead control accounts The finishing department in a factory has the following payroll data for the month just
Intermediate: Preparation of the wages control account plus an evaluation of the impact of a proposed piecework system One of the production departments in A Ltd’s factory employs 52 direct
Intermediate: Contract costing HR Construction pic makes up its accounts to 31 March each year. The following details have been extracted in relation to two of its contracts:Depreciation is charged
Intermediate: Contract costing A construction company is currently undertaking three separate contracts and information relating to these contracts for the previous year, together with other relevant
Intermediate: Contract costing Thomfield Ltd is a building contractor. During its financial year to 30 June 2000, it commenced three major contracts. Information relating to these contracts as at 30
Intermediate: Contract costing(a) PZ pic undertakes work to repair, maintain and construct roads. When a customer requests the company to do work PZ pic supplies a fixed price to the customer and
distinguish between process and job costing;LO1
explain the accounting treatment for normal and abnormal losses;LO1
prepare process, normal loss, abnormal loss and abnormal gain accounts when there is no ending work in progress;LO1
compute the value of work in progress and completed production using the weighted average and first in, first out methods of valuing work in progress;LO1
differentiate between the different cost per unit calculations which are necessary for inventory valuation, decision-making and performance reporting for cost control;LO1
compute the value of normal and abnormal losses when there is ending work in progress.LO1
Intermediate AK Chemicals produces high-quality plastic sheet¬ ing in a continuous manufacturing operation. All materials are input at the beginning of the process. Conversion costs are incurred
Intermediate KL Processing Limited has identified that an abnormal gain of 160 litres occurred in its refining process last week. Normal losses are expected and have a scrap value of £2.00 per
Intermediate The following details relate to the main process of W Limited, a chemical manufacturer:The number of equivalent units to be included in W Limited’s calculation of the cost per
Intermediate Process B had no opening stock. 13 500 units of raw material were transferred in at £4.50 per unit. Additional material at £1.25 per unit was added in process. Labour and overheads
Intermediate A chemical process has a normal wastage of 10% of input. In a period, 2500 kgs of material were input and there was an abnormal loss of 75 kgs.What quantity of good production was
Intermediate KL Processing operates the FIFO method of accounting for opening work in process in its mixing process. The following data relates to April:Losses in processes are expected to be 10% of
Intermediate(a) Describe the distinguishing characteristics of production systems where(i) job costing techniques would be used, and(ii) process costing techniques would be used. (3 marks)(b) Job
Intermediate: Preparation of process accounts with all output fully completed A product is manufactured by passing through three processes: A, B and C. In process C a by¬ product is also produced
Intermediate: Discussion question on methods of apportioning joint costs and the preparation of process accounts with all output fully completed(a) ‘Whilst the ascertainment of product costs could
Intermediate: Preparation of process accounts with all output fully completed A chemical compound is made by raw material being processed through two processes. The output of Process A is passed to
Intermediate: Equivalent production and no losses A firm operates a process, the details of which for the period were as follows. There was no opening work-in-progress. During the period 8250 units
Intermediate: Equivalent production with no losses A cleansing agent is manufactured from the input of three ingredients. At 1 December there was no work in progress. During December the ingredients
Intermediate: Equivalent production and losses in process Industrial Solvents Limited mixes together three chemicals - A, B and C - in the ratio 3:2:1 to produce Allklean, a specialised anti-static
Intermediate: Losses in process (weighted average)(a) Outline the characteristics of industries in which a process costing system is used and give two examples of such industries.(5 marks)(b) ATM
Intermediate: Losses in process (weighted average)A company operates expensive process plant to produce a single product from one process. At the beginning of October, 3400 completed units were still
Intermediate: Losses in process (weighted average)A company manufactures a product that goes through two processes. You are given the following cost information about the processes for the month of
Intermediate: Losses in process (weighted average)(a) A company uses a process costing system in which the following terms arise:conversion costs work-in-process equivalent units normal loss abnormal
Intermediate: Losses in process and weighted averages method ABC pic operates an integrated cost accounting system and has a financial year which ends on 30 September. It operates in a processing
Intermediate: Losses in process (weighted average)Chemical Processors manufacture Wonderchem using two processes, mixing and distillation. The following details relate to the distillation process for
Intermediate: Process accounts involving an abnormal gain and equivalent production The following information relates to a manufactur¬ ing process for a period:10000 units of output were produced by
Intermediate: Equivalent production with no losses (FIFO Method)A company operates a manufacturing process where six people work as a team and are paid a weekly group bonus based upon the actual
Intermediate: Preparation of process accounts with output fully completed and a discussion of FIFO and average methods ofWIP valuation(a) Z Ltd manufactures metal cans for use in the food processing
Intermediate: FIFO method and losses in process The manufacture of one of the products of A Ltd requires three separate processes. In the last of the three processes, costs, production and stock for
Intermediate: Losses in process (FIFO and weighted average methods)A company produces a single product from one of its manufacturing processes. The following infor¬ mation of process inputs, outputs
Intermediate: FIFO method and losses in process A company operates several production processes involving the mixing of ingredients to produce bulk animal feedstuff's. One such product is mixed in
Advanced: FIFO method and losses in process(a) You are required to explain and discuss the alternative methods of accounting for normal and abnormal spoilage. (8 marks)(b) Weston Harvey Ltd assembles
Advanced: FIFO stock valuation, standard costing and cost-plus pricing Campex Ltd uses a dyeing and waterproofing process for its fabrics which are later made up into tents and other outdoor pursuit
Advanced: Comparison of FIFO and weighted average, stock valuation methods On 1 October Bland Ltd opened a plant for making verniers. Data for the first two months’ operations are shown below:At 31
Intermediate: Cost control PC Manufacturing Company operates a process costing system and the following information relates to process A for the month of March:Opening work in process of 1000 units
distinguish between joint products and by-products;LO1
explain and identify the split- off point in a joint-cost situation;LO1
explain the alternative methods of allocating joint costs to products;LO1
discuss the arguments for and against each of the methods of allocating joint costs to products;LO1
present relevant financial information for a decision as to whether a product should be sold at a particular stage or further processed;LO1
describe the accounting treatment of by-products.LO1
Intermediate A company operates a process which produces three joint products - K, P and Z. The costs of operating this process during September amounted to £117000. During the month the output of
Intermediate(a) Explain briefly the term ‘joint products’ in the context of process costing. (2 marks)(b) Discuss whether, and if so how, joint process costs should be shared amongst joint
Intermediate(a) Discuss the problems which joint products and by-products pose the management accountant, especially in his attempts to produce useful product profitability reports. Outline the usual
Intermediate Explain how the apportionment of those costs incurred up to the separation point of two or more joint products could give information which is unacceptable for (i) stock valuation and
Intermediate: Preparation of process accounts and apportionment of joint costs A company manufactures two types of industrial sealant by passing materials through two consecu¬ tive processes. The
Intermediate: Accounting for joint and by¬ products and preparation process accounts(a) Distinguish between the cost accounting treat¬ ment of joint products and of by-products.(3 marks)(b) A
Intermediate: Preparation of joint product account and a decision of further processing PQR Limited produces two joint products-P and Q - together with a by-product R, from a single main process
Intermediate: Flow chart and calculation of cost per unit for joint products A distillation plant, which works continuously, processes 1000 tonnes of raw material each day. The raw material costs £4
Intermediate: Preparation of joint and by¬ product process account XYZ pic, a paint manufacturer, operates a process costing system. The following details related to process 2 for the month of
Intermediate: Joint cost apportionment and decision on further processing BK Chemicals produces three joint products in one common process but each product is capable of being further processed
Intermediate: Joint cost apportionment and a decision on further processing QR Limited operates a chemical process which produces four different products Q, R, S and T from the input of one raw
Intermediate: Joint cost apportionment and decision on further processing A company manufactures four products from an input of a raw material to process 1. Following this process, product A is
Intermediate: Calculation of cost per unit and decision on further processing A chemical company carries on production opera¬ tions in two processes. Materials first pass through process I, where a
Intermediate: Profitability analysis and a decision on further processing C Ltd operates a process which produces three joint products. In the period just ended costs of production totalled £509
Advanced: Calculation of joint product costs and the evaluation of an incremental order Rayman Company produces three chemical products, J1X, J2Y and BIZ. Raw materials are processed in a single
Advanced: Joint cost apportionment and decision-making Hawkins Ltd produces two joint products, Boddie and Soull. A further product, Threekeys, is also made as a by-product of one of the processes
Advanced: Joint cost stock valuation and decision-making Milo pic has a number of chemical processing plants in the UK. At one of these plants it takes an annual input of 400 000 gallons of raw
Advanced: Cost per unit calculation and decision-making A chemical company has a contract to supply annually 3600 tonnes of product A at £24 a tonne and 4000 tonnes of product B at £14.50 a tonne.
Advanced: Profitability analysis including an apportionment of joint costs and identification of relevant costs/revenues for a price/output decision A company manufactures two joint products in a
Advanced: Calculation of cost per unit, break-even point and recommended selling price Amongst its products a chemical company markets two concentrated hquid fertilizers - type P for flowers and type
Advanced: Calculation of cost per unit, break-even point and a recommended selling price A chemical company produces amongst its product range two industrial cleaning fluids, A and B. These products
differentiate between management accounting, cost accounting and financial accounting;LO1
list and describe each of the seven factors involved in the decision-making, planning and control process;LO1
justify the view that, broadly, firms seek to maximize the present value of future net cash inflows;LO1
explain the factors that have influenced the changes in the competitive environment;LO1
outline the key success factors that directly affect customer satisfaction;LO1
describe the functions of a management accounting system.LO1
define and illustrate a cost object;LO1
explain the meaning of each of the key terms listed at the end of this chapter;LO1
describe the three purposes for which cost information is required;LO1
distinguish between job costing and process costing;LO1
explain why in the short term some costs and revenues are not relevant for decision¬ making.LO1
Intermediate If actual output is lower than budgeted output, which of the following costs would you expect to be lower than the original budget?A Total variable costs B Total fixed costs C Variable
Intermediate The following data relate to two output levels of a department:Machine hours 17 000 18 500 Overheads £246 500 £251 750 The variable overhead rate per hour is £3.50. The amount of
Intermediate Prime cost is:A all costs incurred in manufacturing a product; B the total of direct costs;C the material cost of a product;D the cost of operating a department.
Intermediate A direct cost is a cost which:A is incurred as a direct consequence of a decision;B can be economically identified with the item being costed;C cannot be economically identified with the
Intermediate Which of the following would be classed as indirect labour?A assembly workers in a company manufactur¬ ing televisions;B a stores assistant in a factory store;C plasterers in a
Intermediate Fixed costs are conventionally deemed to be:A constant per unit of output;B constant in total when production volume changes;C outside the control of management;D those unaffected by
Intermediate Prepare a report for the Managing Director ofyour company explaining how costs may be classified by their behaviour, with particular reference to the effects both on total and on unit
Intermediate Describe three different methods of cost classifi¬ cation and explain the utility of each method.
Intermediate Cost classifications used in costing include:(i) period costs(ii) product costs(iii) variable costs(iv) opportunity costs Required:Explain each of these classifications, with exam¬ ples
Intermediate(a) Describe the role of the cost accountant in a manufacturing organization.(8 marks)(b) Explain whether you agree with each of the following statements:(i) ‘All direct costs are
Intermediate‘Cost may be classified in a variety of ways according to their nature and the information needs of management.’ Explain and discuss this statement, illustrating with examples of the
Intermediate It is commonly suggested that a management accounting system should be capable of supplying different measures of cost for different purposes. You are required to set out the main types
Intermediate Opportunity cost and sunk cost are among the concepts of cost commonly discussed.You are required:(i) to define these terms precisely;(4 marks)(ii) to suggest for each of them situations
Intermediate Distinguish between, and provide an illustration of:(i) ‘avoidable’ and ‘unavoidable’ costs;(ii) ‘cost centres’ and ‘cost units’.
Advanced‘The diverse uses of routinely recorded cost data give rise to a fundamental danger: information prepared for one purpose can be grossly mislead¬ ing in another context’ (from Management

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