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Class 10 Accounting Questions asked by Filo students

Question 61

Views: 5,209

Identify the source documents which are used in assigning (1) materials and (2) labor to production in a process cost system.

Topic:

Accounting

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Question 62

Views: 5,122

Prepare journal entry for assignment of overhead to production.

Topic:

Accounting

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Question 63

Views: 5,577

Compute the number of units started into production.

Topic:

Accounting

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Question 64

Views: 5,744

Explain the Purpose served by production cost report.

Topic:

Accounting

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Question 65

Views: 5,148

Explain the way a company decide whether to use a job order or a process cost system.

Topic:

Accounting

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Question 66

Views: 5,787

(a) Calculate the equivalent units of production for (a) materials and (b) conversion costs. Equivalent units of production for materials for the month of November are 16,000 units. Calculate equivalent units of production for material. Equivalents Units of Production for Material = ( Completed units + Ending work in process ) = 9 , 000 units + 7 , 000 units = 16 , 000 units Equivalent units of production for materials for the month of November are 16,000 units. (b) Equivalent units of production for conversion costs for the month of November are 11,800 units. Calculate equivalent units of production for conversion costs. [ Equivalents Units of Production for Conversion Costs ] = [ Completed units + ( Ending work in process × Completed Proportions ) ] = [ 9 , 000 units + ( 7 , 000 units × 40 % ) ] = 9 , 000 units + 2 , 800 units = 11 ,800 units Equivalent units of production for conversion costs for the month of November are 11,800 units.

Topic:

Accounting

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Question 67

Views: 5,944

Prepare the cost to reconciliation schedule for Company H.

Topic:

Accounting

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Question 68

Views: 5,442

Compute (i) Working capital , (ii) Current ratio (iii) Free cash flow (iv) Debt to assets ratio, and (v) Earnings per share for Company O for the year 2017.

Topic:

Accounting

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Question 69

Views: 5,537

Indicate whether the each of the given statements are true or false.

Topic:

Accounting

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Question 70

Views: 5,813

(a) Calculate the total units to be accounted for. Total units to be accounted for are 26,000 units. Physical Units: Units which can be seen and touched or which are tangible in nature are called as physical units. Compute the total number of units to be accounted for is as follows: Particulars Units Units Physical units to be accounted for: Work in process beginning, March 1 0 Started (transferred into production): Units transferred out 22,000 Ending work in process 4,000 26,000 Physical units to be accounted for 26,000 Table (1) Hence, the total units to be accounted for are 26,000 units. (b) Calculate the equivalent units of production. Hence, the equivalent units for production for materials and conversion cost 26,000 units and 23,600 units . Equivalent Units of Production: When units of work in process are expressed in the form of finished goods at the end of a period it is known as equivalent units of production. Given, Completed units are 22,000. Ending work in process are 4,000 units. Formula to calculate equivalent units of production, Equivalents Units of Production for Material = ( Completed units + Ending work in process ) Substitute 22,000 units for completed units and 4,000 units for ending work in process. Equivalents Units of Production for Material = 22 , 000 units + 4 , 000 units = 26 , 000 units Here, equivalent units of production for material are 26,000 units. Given, Completed units are 22,000. Ending work in process are 4,000 units. Proportion of ending work in process completed is 40%. Formula to calculate total units, Equivalents Units of Production for conversion costs } = [ Completed units + ( Ending work in process × Completed Proportion ) ] Substitute 22,000 units for completed units and 4,000 units for ending work in process and 40% for completed proportion. Equivalents Units of Production for conversion costs } = 22 , 000 units + ( 4 , 000 units × 40 % ) = 22 , 000 units + ( 4 , 000 units × 40 100 ) = 22,000 units + 1 , 600 units = 23,600 units Hence, the equivalent units for production for materials and conversion cost 26,000 units and 23,600 units . Hence, the equivalent units for production for materials and conversion cost 26,000 units and 23,600 units . (c) Prepare the cost reconciliation schedule. Prepare cost reconciliation schedule as follows: Cost Reconciliation Schedule Particulars Detail (

) A m o u n t (

) Cost accounted for: Transferred Out ( 22 , 000 units ×

18) 396, 000 W or kin p rocess, M a rc h 31. M a t er ia l (4, 000 u ni t s \times

10 ) 40,000 Conversion cost ( 1 , 600 units × $8 ) 12,800 52,800 Total cost 448,800 Table (1)

Topic:

Accounting

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Question 71

Views: 5,374

Compute (a) units in process at May 31

Topic:

Accounting

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Question 72

Views: 5,618

Calculate the physical units for January and May for Company S.

Topic:

Accounting

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Question 73

Views: 5,201

Prepare the production cost report for welding department of H Company for the month of February.

Topic:

Accounting

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Question 74

Views: 5,292

Determine the equivalent units of production for materials and conversion costs.

Topic:

Accounting

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Question 75

Views: 5,945

Determine the equivalent units for production for (1) materials and (2) conversion costs.

Topic:

Accounting

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Question 76

Views: 5,690

Prepare a production cost report for the Welding department for the month of February.

Topic:

Accounting

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Question 77

Views: 5,336

Explain the impact of recent development on the history of direct labor being the primary basis for allocation as overhead .

Topic:

Accounting

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Question 78

Views: 5,965

Identify and indicate total current assets as at September 27, 2014 and September 28, 2013.

Topic:

Accounting

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Question 79

Views: 5,740

Explain the difference between activity-based costing and traditional product costing.

Topic:

Accounting

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Question 80

Views: 5,998

Provide the formula to compute activity-based overhead rates.

Topic:

Accounting

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