(a) Describe briefly TH REE major differences between: (i) financial accounting and (ii) cost and management accounting....
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(a) Describe briefly TH REE major differences between: (i) financial accounting and (ii) cost and management accounting. (6 marks)
(b) Below are incomplete cost accounts for a period:
The balances at the end of the period were:
Stores ledger Job ledger £169.5K £153.0K 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% of the production wages are classified as 'direct'. Average gross wages of direct workers was £5.00 per hour. Production overheads are absorbed at a predetermined rate of £6.50 per direct labour hour.
Required:
Complete the cost accounts for the period.AppendixLO1
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