By Colin Drury
The purpose of the second one version of this e-book is to supply an advent to the idea and perform of price and administration accounting. a value accounting procedure accumulates monetary details for inventory valuation and revenue size while a administration accounting process accumulates, classifies and stories info that might help managers of their decision-making, making plans and keep an eye on actions. This booklet is anxious with either fee and administration accounting, with equivalent emphasis being put on either structures. meant basically for college kids who're pursuing a three hundred and sixty five days price and administration accounting direction, the publication is perfect for these coming near near this topic for the 1st time. it's compatible for origin expert (CACA, CIMA and twelve months university starting place classes, organization of Accounting Technicians, BTEC better 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
B) It would appear that a job costing system provides more accurate product costs because a separate cost is calculated for each job whereas with a process costing system the cost per unit is an average cost. On the other hand, a greater proportion of the costs are likely to be direct under process costing. With a job costing system, a large proportion of costs will be treated as overheads and the problem of apportioning and allocating overheads will result in inaccurate product costs. In this sense process costing might yield more accurate product costs.
3 Preparation of ledger accounts for an integrated accounting system. 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. 10 Stores pricing on a weighted average basis and the preparation of the raw materials and finished goods accounts.
Process 2 abnormal loss = Input (7,300) - (4,700 completed units + 2,000 WIP + 530 normal loss ) = 70 units. It is assumed that the intention of the question is that normal loss is 10% of the input which reached the final inspection stage where the inspection occurs. Therefore normal loss is 530 units [10% x (7,300 input - 2,000 WIP)]. 42) Profit and loss account 337 £ 99 238 337 Workings: (1) The cost per unit calculation for Process 2 is as follows: Previous process Conversion cost £ 27,886 6,300 Compo units 4,700 4,700 Normal loss 530 530 Abnormal loss 70 70 WIP equiv.