Premium Essay

Accounts Final Project

In:

Submitted By vpatel
Words 4448
Pages 18
A COMPARATIVE STUDY OF
STANDARD COSTING SYSTEMS OF TWO COMPANIES

CERTIFICATE FROM THE ORGANISATION

TABLE OF CONTENTS

Sr. No. | Chapter Name | Page No. | 1. | Acknowledgement | 5 | 2. | Preface | 6 | 3. | Objective and Introduction | 7 | 4. | A Brief about the two Companies | 8 | 5. | Standard Costing System | 12 | 6. | Findings | 15 | 7. | Conclusion | 17 |

ACKNOWLEDGEMENT

We owe much gratitude to all the people who have helped and supported us during the conduct of this project.

Our sincere thanks to our Professor Prof. L.N. CHOPDE for giving us the opportunity of practically studying standard costing systems of organizations with the help of this project. He has been a perfect guide through all the lectures and has helped a lot throughout the preparation of the project.

Our deep sense of gratefulness to Mr. Anil Rasal for his support and guidance. Thank and appreciation to the staff of both the banks for their support too.

We would also like to thank the institution – M.E.T. College and the faculty members without whom this project would have been a distant reality.

PREFACE

Comparative Study of Accounting System of Gunnebo India Pvt. Ltd and Ashok Leyland Ltd.:

As part of the project we have studied the standard costing systems and the general accounting related to it followed by Gunnebo India Pvt. Ltd and Ashok Leyland Ltd. As per the guidelines given for the project we have taken the two companies. Both are manufacturing companies – while Gunnebo is involved in manufacturing of security systems, Ashok Leyland is manufacturer of heavy vehicles.

Objective:

After studying this unit, you should be able to explain the differences between the standard costing systems followed in two companies discuss the advantages and disadvantages of the each of the techniques they follow.

Introduction:

You know that

Similar Documents

Free Essay

Acc 250 Week 9 Final Project Sharon Clarke

...ACC 250 WEEK 9 FINAL PROJECT SHARON CLARKE To purchase this visit here: http://www.nerdypupil.com/product/acc-250-week-9-final-project-sharon-clarke/ Contact us at: nerdypupil@gmail.com ACC 250 WEEK 9 FINAL PROJECT SHARON CLARKE Final Project: Sharon Clarke Resources: Appendix A, and Project 1: Sharon Clarke, Accounting Complete Project 1: Sharon Clarke, Accounting on pp. 389-397 of Computer Accounting with Peachtree Complete®using Peachtree Complete Accounting®. Save your work as a PDF file. Under the File menu, choose Create PDF. Post the following reports, dated December 31, 2009 as a PDF file: Balance Sheet Income Statement Account Reconciliation Cash Receipts Journal Cash Disbursements Journal Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 250 Week 9 Final Project Sharon Clarke in order to ace their studies. ACC 250 WEEK 9 FINAL PROJECT SHARON CLARKE To purchase this visit here: http://www.nerdypupil.com/product/acc-250-week-9-final-project-sharon-clarke/ Contact us at: nerdypupil@gmail.com ACC 250 WEEK 9 FINAL PROJECT SHARON CLARKE Final Project: Sharon Clarke Resources: Appendix A, and Project 1: Sharon Clarke, Accounting Complete Project 1: Sharon Clarke, Accounting on pp. 389-397 of Computer Accounting with Peachtree Complete®using Peachtree Complete Accounting®. Save your work as a PDF file. Under the File menu, choose Create PDF. Post the following reports, dated December 31, 2009 as a PDF file: ...

Words: 701 - Pages: 3

Premium Essay

Acc 250 Entire Course

...ACC 250 Week 1 Assignment Accounting Memo. http://homeworkgallery.com/index.php/product/acc-250-entire-course/ http://homeworkgallery.com/index.php/product/acc-250-entire-course/ The software that we use for accounting applications is obsolete. Therefore new accounting software should be acquired as soon as possible. As a result our organization has made room in this year’s budget for the software. ACC 250 Week 1 Checkpoint Choosing Accounting Software. Accounting software is typically designed to handle the needs of four kinds of companies. These are (i) entry-level (entry) businesses with up to 20 employees and 5 million dollars in annual revenues (ii) small to medium businesses (SMB) with up to 100 employees and 100 million in annual revenues, (iii) small to medium enterprises (SME) with up to 500 employees and 500 million in annual revenues, and (iv) enterprise resource planning groups (ERP) with over 500 employees and annual revenues of over 500 million (Johnston, 2008) ACC 250 Week 2 Bellwether Garden Supply CheckPoint.pdf This work comprises ACC 250 Week 2 Bellwether Garden Supply CheckPoint ACC 250 Week 2 DQs. You have just completed training for your new position in a large accounting firm. The trainer has covered the difference between manual accounting and computerized accounting. What questions do you have regarding the differences? What are the advantages of computerized accounting versus manual accounting? What was the most challenging...

Words: 1319 - Pages: 6

Premium Essay

Acc 250 Entire Course

...ACC 250 Entire Course  To purchase this Tutorial click below link: http://homeworkgallery.com/index.php/product/acc-250-entire-course/    ACC 250 Week 1 Assignment Accounting Memo.   The software that we use for accounting applications is obsolete.  Therefore new accounting software should be acquired as soon as possible. As a result our organization has made room in this year’s budget for the software. ACC 250 Week 1 Checkpoint Choosing Accounting Software. Accounting software is typically designed to handle the needs of four kinds of companies.  These are (i) entry-level (entry) businesses with up to 20 employees and 5 million dollars in annual revenues (ii) small to medium businesses (SMB) with up to 100 employees and 100 million in annual revenues, (iii) small to medium enterprises (SME) with up to 500 employees and 500 million in annual revenues, and (iv) enterprise resource planning groups (ERP) with over 500 employees and annual revenues of over 500 million (Johnston, 2008) ACC 250 Week 2 Bellwether Garden Supply CheckPoint.pdf This work comprises ACC 250 Week 2 Bellwether Garden Supply CheckPoint ACC 250 Week 2 DQs. You have just completed training for your new position in a large accounting firm. The trainer has covered the difference between manual accounting and computerized accounting. What questions do you have regarding the differences? What are the advantages of computerized accounting versus manual accounting? What was the most challenging aspect...

Words: 1279 - Pages: 6

Premium Essay

Fin 571 Final Exam New Assignment

...FIN 571 Final Exam (Newest) – Assignment 1. In a general partnership, the general partners have _____ liability and have _____ control over day-to-day operations. • limited; no • no; total • unlimited; no • limited; total • unlimited; total 2. Which one of these is a correct definition? • Long-term debt is defined as a residual claim on a firm’s assets. • Net working capital equals current assets plus current liabilities. • Current liabilities are debts that must be repaid in 18 months or less. • Tangible assets are fixed assets such as patents. • Current assets are assets with short lives, such as inventory. 3. The owners of a limited liability company generally prefer: • being taxed personally on all business income. • having liability exposure similar to that of a general partner. • having liability exposure similar to that of a sole proprietor. • being taxed like a corporation. • being taxed like a corporation with liability like a partnership. 4. Which one of the following is least apt to help convince managers to work in the best interest of the stockholders?pay raises based on length of service • implementation of a stock option plan • threat of a proxy fight • management compensation tied to the market value of the firm’s stock • threat of a takeover of the firm by unsatisfied stockholders 5. a. Compute the future value of $2,000 compounded annually for 20 years at 4 percent. (Do not round intermediate calculations and round your answer...

Words: 3096 - Pages: 13

Premium Essay

Maths

...Final Year Project FYP-CES FINAL YEAR PROJECT – COORDINATION & EVALUATION SYSTEM Project Members: Muhammad Qabas Khan – i110102 Summaya Zeb – i10259 Muhammad Nouman Siddique – i110097 Supervised By: Mr. Muhammad Ali Nasir Department of Computer Science National University of Computer and Emerging Sciences Islamabad, Pakistan 2015 Intellectual Property Right Declaration This is to declare that the work under the: Title: FYP-CES carried out in partial fulfillment of the requirements of:  BS FYP  MS Research Survey  MS Thesis  Course Project Is the sole property of the National University of Computer and Emerging Sciences, and is protected under the intellectual property right laws and conventions. It can only be considered for purposes like extension for further enhancement, research, product development, adoption for commercial/organizational usage, etc., with the permission of the University. The above statement applied to all students and faculty. Date: 26th March, 2015 Students: Signature: _____________ Signature: _____________ Name: Muhammad Qabas Khan Name: Summaya Zeb Signature: _____________ Name: Muhammad Nouman Siddique Faculty: Supervisor Signature: _____________ Name: Mr. Muhammad Ali Nasir Anti-Plagiarism Declaration This is to declare that the above publication produced under the: Title: FYP-CES Is the sole contribution of the author(s) and no part hereof has been reproduced...

Words: 5877 - Pages: 24

Premium Essay

Corporation Finance Final Exam

...TEST NUMBER: ________________ FI 3300 – CORPORATION FINANCE FINAL EXAM Summer 2008 NAME _____________________________________________ STUDENT NUMBER _________________________________ CLASS DAYS/TIME _______________ INSTRUCTOR _________________________ READ THE FOLLOWING DIRECTIONS VERY CAREFULLY. FAILURE TO FOLLOW THESE INSTRUCTIONS WILL ALMOST CERTAINLY RESULT IN YOUR EXAM BEING MISGRADED WHICH WILL ADVERSELY AFFECT YOUR GRADE. IF THERE IS ANYTHING ABOUT THE DIRECTIONS THAT YOU DO NOT UNDERSTAND, ASK YOUR INSTRUCTOR IMMEDIATELY. 1. Fill in your name, student number, and the days and time of the class for which you are registered (for example, T/TH at 5:00pm) on the Answer Sheet as well as on the lines above. 2. In the box on the Answer sheet titled “TEST NUMBER” record the number that appears in the upper right hand corner of this sheet on the line “TEST NUMBER” – since there are multiple versions of the exam, failure to do so may result in your exam being graded with the wrong answer key!!! DO NOT COPY FROM SOMEONE ELSE’S EXAM – YOUR NEIGHBOR MAY HAVE A DIFFERENT VERSION OF THE EXAM!!! 3. Read each question very carefully. Consider all of the answer choices and then select the best correct answer – there is only one best answer per question. Circle the letter answer on the exam and record your answers on the Answer Sheet. NOTE WELL: ONLY THE ANSWER KEY WILL BE GRADED!!! 4. You may use a financial calculator. No notes, formula sheets, scratch...

Words: 2652 - Pages: 11

Premium Essay

Acc 690 Final Project Guidelines and Grading Guide Consolidation Model Acc690 Final Project Guidelines and Grading Guide Consolidation Model

...ACC 690 Final Project Guidelines and Grading Guide Consolidation Model Click below link for Answer visit www.workbank247.com http://workbank247.com/q/acc-690-final-project-guidelines-and-grading-guide/11908 http://workbank247.com/q/acc-690-final-project-guidelines-and-grading-guide/11908 ACC 690: Final Project Guidelines and Grading Guide: Consolidation Model Overview The final project for this course is the creation of an Excel spreadsheet model that shows the consolidation worksheet, intercompany elimination entries, other consolidation entries, and the final income statement and balance sheet for a sample parent and subsidiary company. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Five, Eight, and Ten. GuidelinesThe Model Assignment:   Students will be given the description of a parent company and a subsidiary company along with the two firms’ trial balances at book value as of December 31, 2012, the end of the year for both firms. (See Company Information below.) The financial data will be presented in English pounds as local currency. Other data pertaining to the consolidation is also to be provided. The student will analyze the data for purpose of consolidation. The student will create a useful Excel model that shows the consolidation worksheet...

Words: 778 - Pages: 4

Premium Essay

Writing a Report

...investigation is to pin-point problem within the Roanoke branch of Phoenix Advertising which has led to the recent resignations of an art director and an account executive, increasing client complaints about quality of work, productivity and demoralization of employees within that branch. II. Site visit to Roanoke branch was performed in order to investigate issues. A. Compared Corporate policy with branch policy 1. Compared branch policies regarding work hours against corporate policy 2. Questioned branch managers regarding their policies 3. Questioned branch HR manager about documentation and enforcing of corporate policy. B. Survey employees regarding daily operations and policy 1. Preformed one-on-one interviews with 3 human resource employees on company policy. 2. Preformed one- on-one interviews with 10 managers on branch policy. 3. All branch employees surveyed regarding work conditions. C. Reviewed past year of business reports. D. Interviewed clients, both satisfied and dissatisfied 1. Conducted phone surveys with dissatisfied clients who had recently closed their accounts with Roanoke branch. 2. Mailed out satisfaction surveys to current client list of Roanoke branch. III. Main causes for problems plaguing the Roanoke branch are the unlimited number of new client projects, short staffing, and thus overworked employees, lack of communication between departments and declining employee job satisfaction. A. Lack of understanding...

Words: 1682 - Pages: 7

Premium Essay

Gfmas

...ITEM 7.1 page 7.1 Item 7.1 Country Briefing Reports – Malaysia IPSASB New York July 2005 IFAC INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD IFAC IPSASB MEETING – JULY 2005 COUNTRY REPORT - MALAYSIA Government Accounting Entities There are three levels of government in Malaysia and they are listed as follows: • Federal Government; • State Government and • Local Government. In addition to the above, there are Statutory Bodies which are incorporated under respective acts and Government Linked Companies which are incorporated under the Companies Act 1967. Malaysia does not prepare whole of government account as each level of government is an accounting entity by itself and is subjected to different Laws and regulations that are being enforced. Basis of Accounting The Federal and State Government have been adopting modified cash basis of accounting in the preparation of the annual financial statements where expenditures incurred in the old financial year but not yet paid will be paid in January of the new financial year and are reported as expenses for the old financial year. As for the Local Government, Statutory Bodies and Government Linked Companies, they have been adopting accrual basis of accounting in the preparation of the general purpose financial statements. Public Sector Accounting Standards The Accountant General’s Department is responsible for issuing of Public Sector Accounting Standards (PSAS) in Malaysia. The objectives of these Standards...

Words: 1343 - Pages: 6

Premium Essay

Divorce

...DOMESTIC RELATIONS INFORMATION SHEET THIS SECTION FOR OFFICAL USE ONLY Case number: ________________ Assigned judge: ______________________ The following information is required by New Mexico law and federal law for child support enforcement. The information also is needed to identify and keep up with your case. If child support is not paid, this information will help the court get the money for your child(ren). [pic] Information regarding petitioner and respondent. Petitioner Respondent Name: Chappelle, Annette K. Name: Chappelle, George T., Jr. Other names: Couchman (maiden) Other names: Address: 5580 Bataan Memorial E. #117 Address: 601 W. Delaware St. City: Las Cruces City: Cleveland State: New Mexico State: Oklahoma Zip code: 88011 Zip code: 74020 Phone number: (575) 644-6041 Phone number: (918) 605-9885 Date of birth: 04-02-1959 Date of birth: 08-29-1964 Social Security number: 500-54-4807 Social Security number: 491-06-3678 Parties’ minor children. N/A - No minor children Name: __________________________ Name: __________________________ Date of birth: _____________________ Date of birth: _____________________ Social Security number: ____________ Social Security number: ____________ Name: __________________________ Name: __________________________ Date of birth: _____________________ Date of birth: _____________________ Social Security number: ____________ Social Security number: ____________ Has...

Words: 2849 - Pages: 12

Premium Essay

Dafdafdfadasfds

...Ambiguity in the project scoring synopsis On the proposal, A.D Murrary weighted the degree of importance of each factors without providing any statement or evidence to support his selection. For example, he weighted the importance of “Economic Impact” to be “10”. What if the risk of uncertainty far out weighted the economic benefit, the final project score will be far below 80 as stated on the proposal.    * Significant amount of money was not include in the budget The initial budget leaves a significant amount of money out of considerations, which include up-front investment in staff, software, hardware, and management. More importantly, for the economic impact, the manager just focused on the installation cost in the initial year. For a system like SAP, it will definitely occur a material amount of maintaining and updating fee down the road after implementing the system. The total benefit, NPV and ROI will drive down to a certain amount when you consider about those costs in the future five years.    * Other critical uncertainties need to be considered The proposal shows limited risks of installing the new system, such as organizational risk, definitional uncertainty, technical uncertainty, IS infrastructure risk. Still, there are a number of critical uncertainties that need be considered by the company. Those uncertainties include delivery delayed, installment and implement failure, overrun the budget and so on. All these risks that are not taken into account may be caused...

Words: 301 - Pages: 2

Free Essay

Testgdaf

...Investment Analysis and Portfolio Management, 1st Canadian Edition, by Reilly, Brown, Hedges, and Chang; Nelson  Education, 2010. Other course materials can be downloaded from MyLearningSpace.    COMPUTER AND SOFTWARE:  Students are required to bring laptop computers to some of the lectures (at least one laptop per student group).  Excel 2007 or higher version is required.  Sessions that require the use of computers are indicated in Tentative Class  Schedule on page 4.     GRADING SCHEME:  Example 2                              Example 1        Mandatory                           Midterm Exam *             0.4(90% ‐ Optional)  0.4(90%‐45%)=18%        0.4(90%‐5%)=34%  Comprehensive Final Exam    0.6(90% ‐ Optional)  0.6(90%‐45%)=27%        0.6(90%‐5%)=51%  Portfolio Analysis Project          10%                  10%       10%    Optional Group Projects            Investment Simulation                   12%                  12%         0%  Security Analysis                      15%                  15%         0%    Individual Choices (Optional)  BBG Analytics Certification **            3%        3%         0%...

Words: 723 - Pages: 3

Premium Essay

Fin 575 Final Exam

...1. During the project initiation, a project charter is created. The project charter should include which of the following? • Project managers expenses • Analysis of budget • Selection of the senior project manager • Projects high-level deliverables 2. A project's budget should be based on a company’s • strategy and financial goals • profitability • financial goals and equity • debt load and equity 3. Earned value management is a technique used to integrate projects • resources • scope, schedule, and resources • schedule, costs, and benefits • costs and profits 4. Bill’s Billiards has total assets of $8 million and a total asset turnover of 2.9 times. If the return on assets is 11%, what is Bill's profit margin? • 11% • 4.10% • 2.50% • 3.79% 5. What are the acceptance criteria for NPV? • If the NPV is less that $0, accept the project. • If the NPV is greater than $0, accept the project. • If the IRR is equal to 0%, reject the project. • If the NPV is equal to the discounted payback, accept the project. University of Phoenix Final Exam Study Guide FIN 575 Final Exam 6. The risk response plan answers what question? • What can be done if risk occurs? What is the backup plan? • What are project costs? • There is no need to plan for risk seldom occurs in a project. • How risk is to be managed 7. For the most recent year, Cal’s Cats had sales of $380,000, cost of goods sold of $93,000, depreciation expense of $47,000, and additions to retained...

Words: 1316 - Pages: 6

Premium Essay

Sap Proposal

...Ambiguity in the project scoring synopsis On the proposal, A.D Murrary weighted the degree of importance of each factors without providing any statement or evidence to support his selection. For example, he weighted the importance of “Economic Impact” to be “10”. What if the risk of uncertainty far out weighted the economic benefit, the final project score will be far below 80 as stated on the proposal. * Significant amount of money was not include in the budget The initial budget leaves a significant amount of money out of considerations, which include up-front investment in staff, software, hardware, and management. More importantly, for the economic impact, the manager just focused on the installation cost in the initial year. For a system like SAP, it will definitely occur a material amount of maintaining and updating fee down the road after implementing the system. The total benefit, NPV and ROI will drive down to a certain amount when you consider about those costs in the future five years. * Other critical uncertainties need to be considered The proposal shows limited risks of installing the new system, such as organizational risk, definitional uncertainty, technical uncertainty, IS infrastructure risk. Still, there are a number of critical uncertainties that need be considered by the company. Those uncertainties include delivery delayed, installment and implement failure, overrun the budget and so on. All these risks that are not taken into account may be caused...

Words: 304 - Pages: 2

Premium Essay

Baby Back Report

...University Professor: Susan Young FN 475 Portfolio Management Stock Simulation: Spring 2010 Visit the web page at http://v2.stocktrak.com/public/members/registrationstudents.aspx?p=ClarksonU-FN475-Sp10 to activate and pay for your account online with a credit card. The fee for the service is $28.95. [Or, you may mail the Registration Form attached to the trading rules form along with your check to STOCK-TRAK] Stocktrak.com Project Trading Rules: http://www.stocktrak.com/public/content/tradingrules.aspx Each student will run a $1,000,000 portfolio. Trading accounts will be active on Wednesday, January 27h and end on Wednesday April 14th (11 weeks total). PLEASE ENSURE THAT YOU REGISTER BEFORE FRIDAY JANUARY 22ND TO ENSURE YOU ARE ABLE TO ACCESS THE SYSTEM. Each student is to assume the role of hedge fund manager and to design and execute an appropriate strategy to maximize the portfolio’s return over the eleven (11) week investment horizon. The clients of the fund have specified capital appreciation as the main investment objective and have no short-term cash needs. Your challenge will be to design and execute an investment strategy that satisfies the client over the 11 week investment period. Your grade for this project is based on several factors as outlined on page three. Each student will be responsible for articulating the investment objective, formulating an appropriate investment strategy to meet the objectives, conducting the necessary research, selecting...

Words: 1413 - Pages: 6