By Colin Drury
The purpose of the second one variation of this publication is to supply an advent to the idea and perform of rate and administration accounting. a value accounting procedure accumulates monetary info for inventory valuation and revenue size while a administration accounting method accumulates, classifies and stories info that would help managers of their decision-making, making plans and keep an eye on actions. This e-book is worried with either rate and administration accounting, with equivalent emphasis being put on either platforms. meant essentially for college kids who're pursuing a three hundred and sixty five days fee and administration accounting direction, the ebook is perfect for these coming near near this topic for the 1st time. it's appropriate for origin expert (CACA, CIMA and twelve months university starting place classes, organization of Accounting Technicians, BTEC larger and nationwide degree, "A" point accounting and a primary point costing path for undergraduate measure scholars.
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Additional resources for Costing: An introduction Teachers’ Manual
Abn. equiv. 0 1,404 ---£ 7,800 83 1,404 Completed units (780 x £10) Abnormal loss (£65 + £10 + £8) WIP (as above) 9,287 WIP Account Units Material Labour Overhead £ Units 1,000 6,175 Normal loss 1,778 Finished stock 1,334 Abnormal loss account WIP c/fwd 1,000 9,287 £ 50 780 7,800 10 83 160 1,404 -1,000 9,287 When the short-cut approach is adopted the normal loss is automatically apportioned between completed units, WIP and abnormal loss in the ratio of equivalent units. The same answer as that given by the short-cut approach can be obtained by adopting the approach illustrated in Chapter 6 whereby the cost of the normal loss is ascertained and then apportioned between completed units, WIP and any abnormal loss.
Such costs are inappropriate for decision-making and cost control. For an explanation of this see sections on overheads for decisionmaking and overheads for control in Chapter 4. 3 Preparation of ledger accounts for an integrated accounting system. 3 includes a material price variance. 6 Preparation of ledger accounts for an interlocking accounting system. 5 also includes a reconciliation of the cost accounts with the financial accounts. 8 Reconciliation of the cost and financial accounts. 9 Preparation of cost ledger accounts where extracts from the financial accounts and the reconciliation of the costing and financial accounting profit are given in the question.
It has been assumed that losses are detected at the completion stage. Consequently the cost of the normal loss is charged to completed production only. 12 (a) See Chapter 6 for a description of each of the terms. (b) See section on normal and abnormal losses in Chapter 6 for the answer to this question. (c) Workings: Process 1 abnormal gain= Input (9,000)- (7,300 completed units+ 1,800 normal loss) = 100 units. 12 Process 2 abnormal loss= Input (7,300) - (4,700 completed units+ 2,000 WIP + 530 normal loss) = 70 units.
Costing: An introduction Teachers’ Manual by Colin Drury