INTERNATIONAL B-SCHOOL SUBJECT: FINANCIAL & COST ACCOUNTING Total Marks: 80 N.B.: 1)Allquestionsarecompulsory 2) All questions carry equal marks. Q1) ABC Ltd. Produces room coolers. The company is considering whether it should continue to manufacture air circulating fans itself or purchase them from outside. Its annual requirement is 25000 units. An outsider vendor is prepared to supply fans for Rs 285 each. In addition‚ ABC Ltd will have to incur costs of Rs 1.50 per unit for freight and Rs 10‚000
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COST CONCEPTS AND COST ACCOUNTING By: Aman Jawahar Sarika Deepak Muneer CONTENTS Concept of Cost Cost Accounting Terms in Cost Accounting Elements of Cost Meaning of Overheads Classification of Costs Methods of Costing Types of Costing MEANING: Cost Concept: The term ‘cost’ means the amount of expenses [actual or notional] incurred on or attributable to specified thing or activity. Cost means ‘the price paid for something’. Cost Accounting: Cost Accounting is concerned with recording
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Jenine Teixeira ACFI 406 9/24/12 Assignment chapter 19 Q: 1‚ 2‚ 11‚ 15 1. Dickison orders one thousand widgets at $5 per widget from International Widget to be delivered within sixty days. After the contract is consummated and signed‚ Dickison orally requests that International deliver the widgets within thirty days rather than sixty days. International agrees. Is the contractual modification binding? A- Both parties are merchants‚ the change of delivery date would affect the
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of style Levi Strauss & Co. About Levi’s Levi Strauss & Co. is one of the world ’s largest and well-known brand-name in jeanswear with its reported net revenues of 4.4 billion dollars (in 2010). The enterprise designs and markets jeans‚ casual wear‚ accessories for men‚ women and children in more than 110 countries worldwide ( through supply chains ) and represents itself in 31 countries with 482 own stores. 1 As a business entity Levis wishes to earn
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Strauss and Company is one of the world’s largest brand-name apparel marketers. The company manufactures and markets branded jeans and casual sportswear under the Levi’s‚ Dockers‚ and Slates brands for men‚ women‚ teens‚ and children. Situation Analysis Levi Strauss and Company is approaching to the saturation of Jean Market. The fast changes in consumer tastes‚ competition from both lower and higher-end brands‚ the fast development in the modern distribution and sales technology has brought about
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IMPACT OF COST ACCOUNTING ON FINANCIAL DECISION INTRODUCTION In the modern business world‚ the nature and functioning of business organizations have become very complicated. They have to serve the needs of variety of parties who are interested in the functioning of the business. These parties constitute the owners‚ creditors‚ employees‚ government agencies‚ tax authorities‚ prospective investors‚ and last but not the least the management of the business. The business has to serve the needs
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know the background and character traits of his family. 2. The Tribe of Levi It is important for us to have an understanding of our personal genealogy to know what character sties have been passed on to us from our ancestors. Moses was from the tribe of levi and concerning this tribe‚ we read God’s testimony in malachi 2:4-7 “and ye shall know that I have sent this command ments unt you‚ that my covenant might be with levi saith the Lord of hosts. My covenant was with him of life and peace and I
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MANAGERIAL AND COST ACCOUNTING LARRY M. WALTHER & CHRISTOPHER J. SKOUSEN DOWNLOAD FREE TEXT BOOKS AT BOOKBOON.COM Managerial and Cost Accounting © 2009 Larry M. Walther‚ under nonexclusive license to Christopher J. Skousen & Ventus Publishing ApS. All material in this publication is copyrighted‚ and the exclusive property of Larry M. Walther or his licensors (all rights reserved). ISBN 978-87-7681-491-5 Download free books at BookBooN.com 2 Managerial and Cost Accounting Contents
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OVERHEAD COSTS ACCOUNTING Overheads are indirect costs which can not directly be traced to cost units. The task of the cost accountant is to charge these overhead costs to cost units/products. There are two approaches of charging overhead costs to cost units Viz i. Traditional/conventional absorption costing method and‚ ii. Activity Based Costing (ABC) Classification of overheads Overheads can be classified as production or non production overheads. Production overheads are those incurred
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a) COST ACCOUNTING Cost accounting system is the part of management accounting that makes budget‚ actual cost of operations‚ analysis of variance and profitability of social use of funds. Cost accounting helps the manager in decision making regarding the reduction of the cost of the company and in improving the profitability. Cost accounting system is primarily used for internal managers therefore it does not need to follow the standards of GAAP. Cost accounting is also considered very important
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