Natalie Potter AC 270A Case 1 Due October 23, 2015 Lambeth Custom Cabinets (A) Part One: T accounts (All numbers are dollar values ($)) Raw Materials Beginning Balance 3250 | Direct Materials A3 280 | Purchased 1750 | Direct Materials A4 350 | | Direct Materials A5 180 | | Direct Materials
Words: 1348 - Pages: 6
LESSON 1 INTRODUCTION TO ACCOUNTING Contents 1.0 Aims and Objectives 1.1 Introduction 1.2 Book- Keeping 1.2.1 Meaning 1.2.2 Definition 1.2.3 Objectives 1.3 Accounting 1.3.1 Meaning 1.3.2 Definition 1.3.3 Objectives 1.3.4 Importance 1.3.5 Functions 1.3.6 Advantages 1.3.7 Limitations 1.4 Methods of Accounting 1.4.1 Single Entry 1.4.2 Double Entry 1.4.3 Steps involved in double entry system 1.4.4 Advantages of double entry system 1.5 Meaning of Debit and Credit 1.6 Types of Accounts and its rules 1
Words: 97819 - Pages: 392
MODULE - 6B Elementary Cost Accounting Notes 95 Cost Accounting : An Introduction ACCOUNTANCY After passing your senior secondary examination, if you set up a small manufacturing unit, say manufacturing of packing boxes, a problem will arise what price of each box you should quote to the buyer. Many factors are considered while fixing the price of a product/item such as competitors’ price etc. One of the basic factors is the cost of its production. Cost is essential not only to fix price
Words: 2801 - Pages: 12
structure. Their current costing system reports identical overhead percentages for the black, blue, red and purple pens regardless of production volume. The manufacturing manager at Classic Pen Company expressed frustration with the challenges the additional colors have brought to the production process. As the red and purple pens were introduced into production, there was an increase in workload surrounding planning, machine setups, quality control and electronic tracking of jobs and the
Words: 725 - Pages: 3
the various methods used in costing, the budgeting formation and formation process, and the different types of budgeting. The attainment of coordination will also be factored since it is key to the success of a business. Task 1 Assessment criteria 1.1 a. Identify and explain the various ways by which cost can be classified discussion the value of costs classification including any weaknesses in your argument In the world of business there are a range of costing methods are actually used by
Words: 5762 - Pages: 24
applies overhead costs to jobs on the basis of direct labor-hours. In other words, direct labor-hours is the allocation base. At the beginning of the year the company estimated that it would incur $320,000 in manufacturing overhead costs and would work 40,000 direct labor-hours. The company’s predetermined overhead rate is: [pic] APPLICATION OF OVERHEAD TO JOBS The process of assigning overhead to jobs is known as applying overhead. In the preceding example, Job 2B47 required 27 direct labor-hours
Words: 557 - Pages: 3
Response to Discussion Mod 3 1. Job order costing is a system for assigning manufacturing costs to individual products. Job order cost systems is used when products are made based on specific customer orders. Each product produced is considered a job. Costs are tracked by each job. 2. Residential Home Construction company 2a. A Job Order Cost system can be used to help maximize profits in a residential home construction company by measuring and recording direct material cost, direct labor cost
Words: 1070 - Pages: 5
1. (TCO F) Computing unit product costs involves averaging in: Job-Order Costing Process Costing A Yes No B Yes Yes C No Yes D No No (Points : 5) Choice A. Choice B. Choice C. Choice D. 2. (TCO F) Process costing would be appropriate for each of the following except: (Points : 5) custom furniture manufacturing. oil refining. grain milling. newsprint production.
Words: 347 - Pages: 2
CLASSIFICATION OF COSTS: Manufacturing We first classify costs according to the three elements of cost: a) Materials b) Labour c) Expenses Product and Period Costs: We also classify costs as either 1 Product costs: the costs of manufacturing our products; or 2 Period costs: these are the costs other than product costs that are charged to, debited to, or written off to the income statement each period. The classification of Product Costs:
Words: 17187 - Pages: 69
;Accounting for mergers and consolidations; IFRS vs GAAP; Financial statement analysis 3. Cost and Management Accounting: Cost concepts; Job-order costing vs process costing;ABC Costing; Marginal costing vs absorption costing: CVP analysis; Relevant costs: special order, make or buy decisions; ROA, residual income and economic value added; Standard costing and variance analysis; EOQ and linear programming 4. Quantitative Methods and Business Mathematics: Algebra and logarithm; Series and
Words: 764 - Pages: 4
