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American National Curriculum

Accounting

Grade 12 Accounting Questions asked by Filo students

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Break-even point: Break-even point refers to a point where sales of the company are just good enough to meet all its cost. It is used by the company to know the level of quantity they needed to sales to earn back their cost. Absorption costing: Absorption costing refers to a costing system which allocates not only variable manufacturing cost but also fixed cost to get the cost of goods sold. To prepare: Income statement using variable costing.

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Accounting

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The selling price. Budgeted Fixed Manufacturing Overhead Rate: The budgeted fixed manufacturing overhead rate is that rate at which the total budgeted fixed overhead costs are allocated. Production Volume Variance: The production volume variance is the difference between the budgeted amounts of fixed overhead costs less the fixed overhead cost allocated for the actual output produced.

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Accounting

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Budgeted Fixed Manufacturing Overhead Rate: The budgeted fixed manufacturing overhead rate is that rate at which the total budgeted fixed overhead costs are allocated. Production Volume Variance: The production volume variance is the difference between the budgeted amounts of fixed overhead costs less the fixed overhead cost allocated for the actual output produced. The effect on operating income using each type of capacity as a basis for calculating manufacturing cost per unit.

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Accounting

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Budgeted Fixed Manufacturing Overhead Rate: The budgeted fixed manufacturing overhead rate is that rate at which the total budgeted fixed overhead costs are allocated. Production Volume Variance: The production volume variance is the difference between the budgeted amounts of fixed overhead costs less the fixed overhead cost allocated for the actual output produced. The effect on operating income using each type of capacity as a basis for calculating manufacturing cost per unit.

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Accounting

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Schedule for the cost of goods manufactured for 2014.

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Accounting

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Budgeted Fixed Manufacturing Overhead Rate: The budgeted fixed manufacturing overhead rate is that rate at which the total budgeted fixed overhead costs are allocated. This is a rate which is determined so that the fixed overhead which is estimated can be allocated to the available units according to that rate. The way in which the budgeted fixed cost per meal of $1.64 in 2014 is calculated.

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Accounting

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The fixed manufacturing cost per unit Given information: 2014, The fixed manufacturing costs are

45, 000, 000. T h e b u d g e t e d u ni t so f p ro d u c t i o na re 3, 000. T h es t an d a r d man u f a c t u r in g cos tp er u ni t i s

58,800. The budgeted fixed cost unit per month is $15,000.

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Accounting

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The fixed manufacturing cost per unit Given information: 2014, The fixed manufacturing costs are

45, 000, 000. T h e b u d g e t e d u ni t so f p ro d u c t i o na re 3, 000. T h es t an d a r d man u f a c t u r in g cos tp er u ni t i s

58,800. The budgeted fixed cost unit per month is $15,000.

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Accounting

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Cost of Goods Manufactured: Cost of goods manufactured includes the direct material used, direct labor and manufacturing overheads . It is the sum total of all the expenses incurred to manufactured goods. Income Statement: A part of financial statements that lists the income and expenses of business for an accounting year is called income statement. It is prepared at the end of accounting period to know the profitability of the business. To prepare: Schedule for the cost of goods manufactured for 2014.

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Accounting

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Question 10

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The income statement for April and May 2017 under variable costing.

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Accounting

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Question 11

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Throughput Costing: A costing approach that considers only direct material as the cost attributable to inventory is called throughput costing. It is based on the concept that only the raw materials used for production are variable costs and all other costs must be recorded as period costs. To prepare: The income statement of Company C for January, February and March 2014 under throughput costing.

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Accounting

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Question 12

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Variable Costing: The variable costing is a method used to allocate the fixed manufacturing overhead by a company. It allocates these overheads to the period of production and not to the inventory left unsold or ending inventory. Absorption Costing: The absorption costing is a method used to allocate the fixed manufacturing overhead by a company. It allocates these overheads based on the inventory produced and inventory sold. It is based on the approach that the unsold inventory also consist some fixed manufacturing overhead incurred during a period. Income Statement: A part of periodical financial statements that reports the total earnings and expenses for a company or a unit of production is called income statement. To prepare: The income statements for company T under variable costing and absorption costing method.

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Accounting

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Question 13

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Variable Costing: The variable costing is a method used to allocate the fixed manufacturing overhead by a company. It allocates these overheads to the period of production and not to the inventory left unsold or ending inventory. Absorption Costing: The absorption costing is a method used to allocate the fixed manufacturing overhead by a company. It allocates these overheads based on the inventory produced and inventory sold. It is based on the approach that the unsold inventory also consist some fixed manufacturing overhead incurred during a period. Income Statement: A part of periodical financial statements that reports the total earnings and expenses for a company or a unit of production is called income statement. To prepare: The income statements for company T under variable costing and absorption costing method.

Topic:

Accounting

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Question 14

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Absorption Costing: The absorption costing is a method used to allocate the fixed manufacturing overhead by a company. It allocates these overheads based on the inventory produced and inventory sold. It is based on the approach that the unsold inventory also consist some fixed manufacturing overhead incurred during a period. Variable Costing: The variable costing is a method used to allocate the fixed manufacturing overhead by a company. It allocates these overheads to the period of production and not to the inventory left unsold or ending inventory. To identify: The operating income from absorption costing.

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Accounting

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Question 15

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The denominator level S Company is using to allocate fixed manufacturing costs to the helmets.

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Accounting

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Question 16

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Capacity management, denominator-level capacity concepts. Match each of the following numbered descriptions with one or more of the denominator-level capacity concepts by putting the appropriate letter(s) by each item: a. Theoretical capacity b. Practical capacity c. Normal capacity utilization d. Master-budget capacity utilization 1. Measures the denominator level in terms of what a plant can supply 2. Is based on producing at full efficiency all the time 3. Represents the expected level of capacity utilization for the next budget period 4. Measures the denominator level in terms of demand for the output of the plant 5. Takes into account seasonal, cyclical, and trend factors 6. Should be used for performance evaluation in the current year 7. Represents an ideal benchmark 8. Highlights the cost of capacity acquired but not used 9. Should be used for long-term pricing purposes 10. Hides the cost of capacity acquired but not used 11. If used as the denominator-level concept, would avoid the restatement of unit costs when expected demand levels change

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Accounting

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Question 17

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The income statement for 2014 assuming that the production-volume variance is written off at year-end as an adjustment to cost of goods sold.

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Accounting

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Question 18

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“High correlation between two variables means that one is the cause and the other is the effect.” Do you agree? Explain.

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Accounting

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Question 19

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Describe the account analysis method for estimating a cost function.

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Accounting

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Question 20

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“Multicollinearity exists when the dependent variable and the independent variable are highly correlated.” Do you agree? Explain.

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Accounting

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