Internship Report On Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function ‘Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function’ by Syeda Afrina Sarwar ID: 07304063 BRAC Business School BRAC University, Bangladesh August 2011 ‘Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function’ Submitted By: Syeda Afrina Sarwar ID: 07304063 BRAC Business School Submitted
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various costing systems and various forms of responsibility centers According to MUSE, cost serves two purposes, planning and evaluation. For planning, cost might be a reference point for determining selling price of a product, for evaluation, it could be used to compare actual costs to budgeted costs. Multistage process and job order costing systems are similar in assigning labor, material, and manufacturing support activity to products. The two systems are different because with a job order cost
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Financial Statements 1. List the components that comprise a typical financial statement. a. Income Statement i. Reflects Net Income and Net Loss ii. Is a moving picture of operations during the period b. Statement of Owners Equity iii. Changes in owners equity during a time period iv. Increases from Net Income v. Decreases from Withdrawals and Net Loss c. Balance Sheet vi. “Statement of financial position”
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of $18,000 at the end of an accounting period. The job cost sheets of the two uncompleted jobs show charges of $6,000 and $3,000 for materials, and charges of $4,000 and $2,000 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of: A. 50% B. 200% C. 300% D. 20% 2. Job 607 was recently completed. The following data have been recorded on its job cost sheet: The company applies manufacturing
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Activity Volume Of Overhead Purchase Purchase order 30,000 150,000 Receiving Shipment Received 15,000 60,000 Machine Setups Setups 2,500 200,000 Quality Control Inspections 18,000 90,000 Direct materials are $ 15 per unit for luxury hand-bags and $ 11 per unit for deluxe handbags. There were 12,500 direct labor hours, each of which was charged to inventory at $ 18 per hour. Required A. Traditional- $320 Activity-based Costing- $252 B. One particular batch of 40 luxury handbags
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ILM Level 5 Diploma in Management Making a Financial Case Gower College Swansea Student ID: CTT8599 Contents Introduction Page 3 Understanding financial concept used to Page 5 inform management decisions Be able to make a financial case to inform Page 19 a management decision Introduction Business and Partnership Unit The Business and Partnership
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5.17 | Q1, Q2, Q3Job costing, service sector Consider the following budgeted data for a client job of Bob Crachit’s accounting firm. The client wants a fixed price quotation. Direct professional labor | $20,000 | Direct support labor | 10,000 | Fringe benefits for direct labor | 13,000 | Photocopying | 2,000 | Telephone calls | 2,000 | Computer equipment | 6,000 | Overhead is allocated at the rate of 100% of direct labor cost.REQUIRED: | A. | Prepare a schedule of the budgeted total
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Production-cost cross-subsidization results from | | | Student Answer: | | allocating indirect costs to multiple products. | | | | assigning traced costs to each product. | | | | assigning costs to different products using varied costing systems within the same organization. | | | | assigning broadly averaged costs across multiple products without recognizing amounts of resources used by which products. | | Instructor Explanation: | Chapter 5, Page 138 | | |
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INTRODUCTION 1.1 Understanding of Traditional and Activity-Based Costing System 1 1.2 Company Background 3 1.3 Company History 3 1.4 Company Operation 5 2. TRADITIONAL COSTING SYSTEM 8 3. ACTIVITY-BASED COSTING SYSTEM 9 4. COMPARISON BETWEEN TRADITIONAL AND ACTIVITY-BASED COSTING SYSTEM 11 5. CONCLUSION
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1. Activity costing would be appropriate 1. An activity-based costing system may be appropriate for Wall Décor, when overhead allocation based job-order costing provides product cost distortion. As seen on previous case, this distortion happens when one product is manufacturing in high volume and the others are manufacturing in complexity as well as in low volume. In this situation Wall Décor should change its costing system for selling its high volume produced products whereas low-volume produced
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