Accountancy Problems Essay

Submitted By mk1000
Words: 1079
Pages: 5
Open Document
Main Copy
1. Wedding picture
2. Application signature( 2nd page & last page) two sign
3. Picture(4 copies)
4. Passport (Original)
5. Lawyer letter(3 Page)
6. Application confirmation(9 page)
7. sponsor declaration (yellow paper, two page)
8. Marriage certificate
9. Nikah nama English
10. Nikah nama bangle
11. Medical certificate
12. IELTS certificate
13. Degree certificate
14. Bank solvency certificate(Comilla Branch)
15. Bank statement (Comilla Branch)
16. Passport and Visa copy
17. Air Ticket(2011)
18. Air Ticket(2013)
19. University enrolment letter
21. University CAS
22. Money sending receipt
23. principle branch statement(10 pages)
24.Simple call statement
25. Job letter
26.P60 letter (2010 & 2012)
26. Bank Statement
27. Tenancy agreement
28. Health & Safety Certificate
In order to predict costs at different levels, total cost has to separated out into a fixed and a variable element. This is achieved using the high low method.
Exercise 3: High Low
The following cost information is available.
2005 2007
Output 65,000 units 105,000 units
Cost £133,000 £210,000
Using the data, calculate the fixed and variable costs for the business, an expression for total cost, together with the total cost for 165,000 units.
£
Variable cost per unit
Total fixed cost
Expression for total cost
Total cost for 165,000Prepare a set of integrated accounts, given opening balances and appropriate transactional information, and show standard cost variances
If a company uses a system of standard costing, account has to be taken of any variances that occur. Variances should be recorded in the account in which they first appear: Materials Price Variance Stores (materials) Control Account
Labour Rate Variance Wages Control Account
Materials Usage Variance Work in Progress Account
Idle Time Variance Work in Progress Account
Labour Efficiency Variance Work in Progress Account
Total Overhead Variances Overhead Control Account
Exercise 3: Dealing with Labour Variances
The following is an extract from the standard cost card of the company.
Labour: 3hrs x £15hr
The company produces 100 units, which use 310 hours at a cost of £4,340. The company has calculated the following variances:
Labour rate: £310 (F)
Labour efficiency £150 (A)
Inset the expression efficiency variance or rate variance into the blue boxes and fill in the appropriate numbers in the grey boxes.
All other costs and usages were at standard.
Wages Control
£ £
Bank/Creditors 4,340 WIP
Labour
Fundamentals of Management
Accounting
53
WIP
£ £
Wages Control Finished Goods
Materials 15,000 Labour
Production
Overhead
13,000
Exercise 4: Dealing with Materials Variances
The following standard cost information is available for a product:
6kg x £8/kg
Actual results were as follows:
Materials purchased on credit: 6,000kg for £54,000
5,000 kg were issued to production, with stocks being maintained at standard. There were no opening stocks. The company recorded a materials price variance of £6,000
(A).
Further variances reported during the period were:
£
Material Usage: 900 (F)
Labour Rate 200 (F)
Labour Efficiency Variance 300 (A)
Fundamentals of Management
Accounting
54
Complete the material and variance control accounts given below:
Materials Control
Variances Control
Fundamentals of Management
Accounting
55
End of Session Questions
Question 1
A company purchased £300,000 of materials during a period and issued £200,000 as direct materials. £50,000 was issued as indirect materials.
The correct double entries for the issue of direct materials are:
A Dr Materials Control CR Production Overhead Control
B CR Materials Control DR Work in Progress
C DR Materials Control CR Work in Progress
D CR Overhead Control DR Cost of Sales
Question 2
A company sells £500,000 of goods on credit. What are the appropriate double entries for this transaction?
A DR Creditors CR
Show More

Related Documents: Accountancy Problems Essay

Accountancy Problems on Journal Entries Essay

ACCT-4300-01 Prof. Xu May 2, 2013 Group Quiz # 3 Problem# 1 1. Journal Entries 1. Estimated revenue 750,000 Appropriations 710,000 Unreserved fund balance 40,000 2. Property tax receivable 475,000 Estimated uncollectible taxes 20,000 Revenue 455,000 3. Cash 32,000 Revenue 32,000 4. Cash 90,000 Revenue 90,000 5. Encumbrances 595,000 F/B reserved for Encumbrances 595,000 6. Expenditures…

Words 928 - Pages 4

Career Opportunities for B.S. Accountancy Students Essay

CHAPTER I INTRODUCTION Accountancy or Accounting is said to be the “language of business”. It is the art of communicating in terms of financial aspects in the business world. It communicates in the form of financial statements that shows the income, assets, expenses, liabilities and capital of a certain business. It is a branch of mathematical science that shows the reason behind the excellent success of a company, as well as its downfall or failure. Accountancy qualifies as a profession because…

Words 6096 - Pages 25

Feasibility Study Essay example

illinois.edu/accountancy/programs/msa/ “Master of Science in Accountancy (MSA)” COLLEGE of BUSINESS at ILLINOIS http://business.illinois.edu/accountancy/programs/mas/ “Master of Accounting Science” COLLEGE of BUSINESS at ILLINOIS http://www.smeal.psu.edu/macc “Master of Accounting (MAcc) Programs” SMEAL College of Business http://www.yu.edu/syms/grad/accounting/about/ “MS IN ACCOUNTING” Sy Syms School of Business http://business.gwu.edu/maccy/ “Master of Accountancy” THE GEORGE…

Words 5271 - Pages 22

The Master Of Science In Accountancy

School of Business Master Of Science In Accountancy The Master of Science in Accountancy program helps students master the theory and principles that frame a wide range of problems and issues encountered in the accounting profession. Coursework includes accounting theory and research, accounting information systems, managerial accounting, financial reporting, auditing, taxation, not-for-profit and government accounting, forensic accounting, and accounting ethics. ACC543 Managerial Accounting & Legal…

Words 972 - Pages 4

Essay about Business: Contingent Liabilities Issues

positive image on the company (Porter & Norton, 2015). According to the Journal of accountancy (2003), There is an example of contingent liabilities issues that cause difficulty with buyers and sellers in negotiating a purchase price. Buyers need to consider the company from the correct information provided by sellers. If the obligations are not contingent as of the acquisition date, it may cause subsequently problems on tax results and negotiating a purchase price. For example, A company wants to…

Words 386 - Pages 2

Reference Guide Essay

LANGAT GILFORT P O BOX 1367-20200 PHONE: 0726981213 ------------------------------------------------- KERICHO EMAIL: gidz67@gmail.com PERSONAL DETAILS Date of Birth: 4st. January 1989 Languages: English & Swahili (Both fluently spoken and written). ------------------------------------------------- Nationality: Kenyan ------------------------------------------------- Gender: Male ------------------------------------------------- Marital status: Single OBJECTIVES To work in an…

Words 342 - Pages 2

Essay about Accruals: Taxation in the United States and Accrual Method

(http://www.accountancyage.com/aa/news/2365912/us-lawmakers-call-for-preservation-of-cash-accounting) US lawmakers call for preservation of cash accounting SWITCHING to accrual accounting would be severely damaging to businesses, US lawmakers have warned in a letter calling for the preservation of the cash method of accounting. The letter, signed by a bipartisan majority of the US House of Representatives, urges the House leadership to retain cash accounting for tax purposes and echoes concerns…

Words 643 - Pages 3

ACC560 STUDENT GUIDE Essay

and is integrated with the online course shell. Supplemental Resources Lamoreaux, M. G. (2011). Planning for Uncertainty. Journal of Accountancy, 212(4) 32-36. Lamoreaux, M. G. (2012). A New System for Recognizing Revenue. Journal of Accountancy, 213 (1) 30-35. Richards, G. E. and Spencer, S. L (2012). Three Common Currency-Adjustment Pitfalls. Journal of Accountancy, 213(2) 30-35. COURSE LEARNING OUTCOMES 1. Determine the difference between managerial and financial accounting, and their interrelationship…

Words 1109 - Pages 5

Essay about Final

Abstract Eugene Flegm has a long history in the field of accounting. He has seen a lot over the years and has come up with four paradoxes which accountants deal with. Of the four paradoxes, two of them have a direct correlation with leadership and management. The paradox of balancing “soft” skills and technical skills is the first paradox. The paradox of the education of accountants is the second paradox that deals with leadership and management. This essay will consist of defending Flegm's paradoxes…

Words 2303 - Pages 10

Ethics Essays

Action | respondents name | date of action | rule and/or act violation | violation | outcome | No.AC-2012-31 | Abernathy, Sterling Blair | 9/1/2012 | Section 5063 of the Business and Professions Code | failure to report investigation | Surrender of CPA certificate | No. AC-2007-10 | Abreu, John D. | 4/29/2007 | Business and Professions Code, Division 3, Chapter 1, §§ 5100 (c) and 5062. California Code of Regulations, Title 16, Division 1, § 58 | failure to perform audit | Revocation of CPA Certificate…

Words 1582 - Pages 7