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BFA312 Management Accounting

tag 0 Download 6 Pages / 1,337 Words tag 07-09-2021

Questions:

Question 1 Management accounting
What is the purpose of management accounting reports?

Question 2 Control
What is meant by the control function of management accounting? Refer to the text chapter 1 material on Panopticism. Give examples

Question 3 Cost concepts
What four purposes of product costing are identified in chapter 1 of your text? Give examples

Question 4 Manufacturing statement and income statement

Check the assignment requirements below paying particular attention to the spreadsheet requirements. Ensure you have separate data and report areas with the latter showing only formulas. Use IF functions to allow for the possibility of either a net profit or a net loss. Show row and column headings and paste both a normal view and a formula view.

Adjustments are to be made in respect of the following:

  • Accrued expenses: Salaries (Office) $5000, Salaries (Factory) $3000
    (b) Insurance paid in advance, $2000
    (c) Taxation expense for current year, $500 000
    (d) Depreciation of factory plant, $35 000
    (e) Insurance and rates are to be apportioned three-quarters to the factory and one-quarter to the office.
    Required:
    (a) Prepare a manufacturing statement for the year.
    (b) Prepare an income statement for the year.

Question 5 Labour cost concepts

See page 63 of your text.

  1. Recording labour costs involves two interlocking double entries, reflecting the two aspects of labour costs to be accounted for. Explain. Give examples
  2. Should overtime payments be treated as direct labour, or as overhead?

    Question6 Understanding the entries in the Materials Control account

See your text page 64.

The Materials Control account balance was $20 000 on 30 June. Raw materials purchased during June cost $90 000. Direct materials issued to production during June were $50 000 and indirect materials consumed were $30 000.

Required:
Materials Control T-account to record these transactions and to determine the balance of Materials Control on 1 June.

Question 7 Understanding the entries in the Accrued Payroll account

Salaries and wages payable to factory employees were $10 000 on 1 March and $4000 on 31 March. Gross salaries and wages paid during March totalled $40,000. March's direct labour totalled $18 000.

Required:
T-account for Accrued Payroll and general journal entries for recording salaries and wages earned by, and paid to, factory employees during March.

Question 8 Payroll entries

See page 68 of your text.

The Patel Company has a gross payroll of $8 000 per day. Withholdings for PAYG taxes are $2400 per day. There are no other deductions from employees' earnings. The firm works five days per week, Monday to Friday inclusive. The payroll period covers Thursday to Wednesday inclusive and the payroll for the week is paid on the following Friday.

Gross payroll consists of $4800 direct labour, $1600 indirect factory labour, $1120 selling expenses and $480 general and administrative expenses each day. The following calendar should be used to answer the Questions

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