Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Cost Accounting Expert

problem 1: Why is it necessary to reconcile the profit shown by Cost Accounts and Financial Accounts? What is the process to be adopted for their reconciliation?

problem 2: Illustrate the purpose of reconciling Cost and Financial Accounts? Indicate the possible reasons for differences between profits shown in the Cost Accounts and that shown in the Financial Accounts of a concern.

problem 3: An efficient system of costing will not necessarily produce accounts which in their results will agree with the financial accounts. Comment on the statement.

problem 4: At the end of an accounting period, it is found that the profit as illustrated by the Financial Accounts drops considerably short of the profit according to the Cost Accounts. Point out how the discrepancy might have arisen.

problem 5: Make a Memorandum Reconciliation Account from the given particulars Profit shown by cost books Rs. 30,114 and by financial books Rs. 19,760. On reconciling the given information in available:

a) Overhead absorbed in cost books Rs. 7,500 and incurred Rs. 6,932
b) Director’s fees not included in cost books Rs. 750.
c) Provision for bad debts Rs. 600.
d) A new work was taken for Rs. 12,000 and depreciation of 5% was given for only in the financial books.
e) Transfer fees Rs. 28.
f) Income tax Rs. 9,000

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M98484

Have any Question? 


Related Questions in Cost Accounting

Question 1 high-low methodtucson tractor inc has

Question 1 High-low method Tucson Tractor Inc. has accumulated the following data over a six month period   Indirect Labor Hours Indirect Labor Costs January......................... 400 $ 6,000 February................. ...

Question 1pringle company distributes a single product the

Question 1. Pringle Company distributes a single product. The company's sales and expenses for a recent month follow:   Total    Per Unit   Sales $ 300,000   $ 20        Variable expenses   210,000     14          Contri ...

Assignment1 the following information is from the

Assignment 1. The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication: Compute the budgeted amounts for: a. Purchases of direct materials during the year. b. ...

Accounting1 lisa inc estimates that its employees will

Accounting 1. Lisa Inc. estimates that its employees will utilize 200,000 direct labor hours during the coming year. Total overhead costs are estimated to be $6,700,000 and machine hours are estimated to be 100,000. Actu ...

Case questionsmarriott corporation the cost of capital

Case Questions Marriott Corporation: The Cost of Capital (Abridged) 1. What is the weighted average cost of capital for Marriott Corporation? a. What risk-free rate and risk premium did you use to calculate the cost of e ...

Write 500 words that respond to the following

Write 500 words that respond to the following questions: • Discuss what absorption, variables, and throughput costing are. • Determine when each would be used. • Provide an explanation and example of all three.

Instructionsnbspbull all questions carry equal marksbull

Instructions:   • All Questions carry equal marks. • All Questions are compulsory • All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3in not more than 500 words for each subse ...

Assignmentdolan products is a small family owned audio

Assignment Dolan Products is a small, family owned audio component manufacturer. Several years ago, the company decided to concentrate on only three models, which were sold under many brand names to electronic retailers ...

Discuss cost management as a professionname three

Discuss cost management as a profession Name three professional cost management organizations and explain their roles. Where in the corporate, not for profit, areas would cost accountants work and what types of work woul ...

Accounting assignmentmotorcade company has three service

Accounting Assignment Motorcade Company has three service departments (S1, S2, and S3) and two production departments (P1 and P2). The following data relate to Motorcade's allocation of service department costs:   Budget ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro