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Accounting Questions Set




Question;1. Cost classificationA company prints books and magazines. The following expenses have arisen in a particular month. You are to classify them under traditional cost accounting headings.1) Glue for binding2) Ink for print3) Wages of printing machine minders4) Finance manager's salary5) Wages of paper storeman6) Print manager's car expenses7) Cost of delivery of paper8) Maintenance of binding machines9) Factory telephones10)Copyright on books published (on a per book basis)11)Repairs to office block12)Overalls for printers13)Interest on loan14)Fuel for representatives' cars.15)Fuel for fork lift trucks in printing works16)Business rates (1/4 for site is office, rest is printworks)17)Equipment insurance (2/3 of equipment value is in the printworks)18)Salaries of printworks supervisors19)Cost of reps cars20)Electricity for office computer21)Boxes to pack magazines in22)Wages of packers23)Advertising24)Cost of factory extension25)Cost of factory roof repairs26)Xmas bottles of plonk for customers27)Bad debts28)Finance officers salaries29)Cleaners' wages30)Lubricants for factory machineryUse these categoriesDirect costs - MaterialsLabourExpenseIndirect costs - FactoryMaterialsLabourExpenseIndirect costs - generalAdministrationMarketing, selling and distributionFinance1(DM)(DL)(DE)(IM)(IL)(IE)(IA)(IS)(IF)2. Discuss the following costs with relevant example:a) Opportunity Costb) Direct Costc) Indirect Costd) Sunk Coste) Manufacturing costf) Non-manufacturing Costg) Fixed and Variable Costh) Prime Costi) Conversion costj) Product and Period Cost


Paper#40063 | Written in 18-Jul-2015

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