GULU UNIVERSITY FACULTY OF BUSINESS AND DEVELOPMENT STUDIES DEPARTMENT OF FINANCE AND ACCOUNTING BACHELOR OF BUSINESS ADMINISTRATION (BBA) COST AND MANAGEMENT ACCOUNTING (BBA 314) COURSE WORK SEMESTER ONE: 2012/2013 Henry Egyeyu 07/U/456/BAK/PS Tel: +256774366667/+256714366667 Question: Accounting theory and practices have identified financial management, financial accounting and management accounting as distinct entities and granted them independent status. Unfortunately, cost accounting
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DOCUMENTATION: TESTING THE INVENTORY PURCHASING SYSTEM Art Heyman is employed as a staff auditor with the independent accounting firm of Abernethy and Chapman. For the first two weeks of December 2012, Heyman is asined to the Lakeside Company examination. During this period, he is to perform a number of testing procedures designed by Carole Mitchell, in-charge auditor on the engagement. Heyman recalled that several parts of the initial risk brainstorming involved inventory and merchandise purchases
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I. INTRODUCTION An important function of a public housing agency is to track and manage its inventory to include materials, supplies, tools, equipment, vehicles, appliance, etc., while maintaining a strict system of accountability and internal control. It is essential. To any effective public housing operation to have a system in place that ensures that the necessary supplies, parts, tools, and equipment are on hand to perform needed maintenance repairs to the units, buildings, grounds, and other
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PHINMA ARAULLO UNIVERSITY COLLEGE OF MANAGEMENT & ACCOUNTANCY ACC 032 INFORMATION & COMMUNICATION TECHNOLOGY 1 Quiz no. 1-2nd Period Name:__________________________________ Date:_________________ Section:_____________________ Score: ____________ Case 1 A merchandising company needs to use contra-accounts in recording certain company transactions. REQUIRED: (1) Identify contra-accounts that have normal debit balances commonly used by a merchandising business and explain briefly
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Jeffry R. Haber. p. cm. ISBN 0-8144-0790-0 1. Accounting. I. Title. HF5635.H112 2004 657—dc22 2003017265 2004 Jeffry R. Haber All rights reserved. Printed in the United States of America. This publication may not be reproduced, stored in a retrieval system, or transmitted in whole or in part, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of AMACOM, a division of American Management Association, 1601 Broadway, New York
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assumption 10. Know the computation net income under accrual accounting (revenues - expenses) 11. Know the meaning and purpose of adjusting entries, and the different types of adjusting entries 12. Know the difference between periodic and perpetual inventory systems 13. Know how to calculate net cost of purchases when terms of payment look like, for example, 3/10 n/45 14. Know the components of cost of merchandise
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assumption 10. Know the computation net income under accrual accounting (revenues - expenses) 11. Know the meaning and purpose of adjusting entries, and the different types of adjusting entries 12. Know the difference between periodic and perpetual inventory systems 13. Know how to calculate net cost of purchases when terms of payment look like, for example, 3/10 n/45 14. Know the components of cost of merchandise
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mere sales records, even if sales are the lifeblood of the firm. The accounting system provides information about profitability, cash flows, debts and other factors important to the business besides sales. Bankers and tax authorities want to know about such things, even if the businessman claims not to. It should be said also that the entrepreneur mentioned may well have an accounting system that fits the modest needs of his/her business well. He/she understands cost-benefit:
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Chapter 13 Auditing the Inventory Management Process Answer Key True / False Questions 1. The "cradle-to-grave" cycle for inventory begins when goods are purchased and stored and ends when the finished goods are shipped to customers. TRUE AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Blooms: Remember Difficulty: 1 Easy Learning Objective: 13-01 Develop an understanding of the inventory management process. Topic: Overview of Inventory Management Process
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ACCOUNTING FOR MATERIALS – MATERIALS Definition Materials: | In cost accounting material is defined as the part of inventory. Basically, material and raw material are used for same purpose. This is main part of total cost of production. It can reduce or increase according to the fluctuation in production. So, this is very flexible and controllable source of production. For making furniture, wood is the material. 60% to 70% proportion in the total cost of production will be material cost
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