Acc 112

Topics: Inventory, Cost accounting, FIFO and LIFO accounting Pages: 13 (4219 words) Published: April 4, 2013
INTRODUCTION TO COST ACCOUNTING
ACC112

GROUP MEMBERS
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ASSIGNMENT: GROUP ASSIGNMENT (15%)

SUBJECT: INTRODUCTION TO COST ACCOUNTING

LECTURER: MS.NIK HANIS NUJHAN BT MOHD SHUHAIMI

SUBMISSION DATE: 4TH –AUGST -2011

TABLE OF CONTENTS

1.0: Introduction......................................................................................................................3-4

2.0: Employees...........................................................................................................................4

2.1: Skills of employees..............................................................................................4-5

2.2: Method of Remuneration.....................................................................................5-6 3.0: Inventory.............................................................................................................................6 3.1: System of Inventory................................................................................................6 3.1.1: Perpetual inventory systems.................................................................6-7

3.1.2: Periodic inventory system......................................................................7

3.2: Methods of Inventory Valuation....................................................................7 3.2.1: First-in-First-Out Method................................................................7-8 3.2.2: Last-in-First-Out Method....................................................................8-9 3.2.3: Average Cost Method...................................................................9-10 3.2.4: Conclusion inventory valuation methods.......................................10 4.0: Direct costs and indirect costs................................................................................10-11 5.0: Cash budget............................................................................................................11-12

6.0: Conclusion............................................................................................................12

7.0: Reference..............................................................................................................13

1.0: Introduction
Our business is Accounting firm; Accounting is an art of correctly recording the day to day business transactions. Accounting is a science of keeping the business records in a regular and most systematic manner so as to know the business results with minimum trouble. Therefore, it is said to be a statistical procedure for the collection, classification and summarization of financial information (Gupta.K.A, 2010). The firm, will be launched on 2nd September 2011, is a four shareholders’ (Max Alix, Jamal Meddie, Alix Prince, and Bebe Jami) CPA firm which provides tax services, management and cost consulting services, QuickBooks sales accounting, bookkeeping and tax services and added services. The firm will get its capital from long term liabilities for example Borrowing from May Bank and borrowing from friends, Issuing shares (share capital from Founders).

The firm’s offices will be allocated in Giant in Nilai and on Hostel Alson in Seremban .The firm seeks to provide a full suite of tax and management accounting services for small businesses in Nilai and Seremban, allowing business owners to not only save money over in-house accounting and ensure their compliance with tax laws, but to make valuable management decisions from their numbers (Paul and Edwards, 2003) The keys to success of our accounting firm include: Building trust with clients, Maintaining up-to-date CPA certification and education on accounting practices and laws, Going beyond saving clients money to proposing how they can increase their revenues, Legal and ethical practices when it comes to transparency, reporting, and taxes(Paul and Edwards,...

References: Accounting Education Change Commission (1990), Position Statement No. One, Objectives of Education for Accountants, (September 1990).
Allbusiness.com, (2011). Business Definition for: cash budget: Dictionary of Accounting Terms from: http://www.allbusiness.com/glossaries/cash-budget/4950068-1.html
Anderson.A, (2010)
Berry.T, (2010).Choosing Your Business Name. [Online].Retrieved on 24th February, 2010 from: http://articles.bplans.com/starting-a-business/choosing-your-business-name/57.
Free MBA Reources, (2008).Importance of Cash Budget. [Online].Retrieved on 2nd August, 2011 from: http://www.freemba.in/articlesread.php?artcode=369&stcode=10&substcode=23
Gupta.K.A, (2010)
Kayush.G, (2009).Time Rate System of Wage payment. [Online].Retrieved on 27th July, 2009 from: http://accountlearning.blogspot.com/2010/05/time-rate-system-of-wage-payment-its.html
Kieso.J.J, Weygandt, & Warfield.T.D, (2004)
Paul and Edwards.S, (2003).   Starting a Bookkeeping Business. [Online].Retreived on 17th November, 2003 from: http://www.entrepreneur.com/article/65680
Swathen, (2010).Inventory System: cost accounting
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