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Category: Cost/Management accounting

May 09

Name and briefly explain five main key factors that affect budgeting process.

adminLeave a commentCost accounting notes, Cost/Management accounting

Five key factors that affect the budgeting process: Demand:the annual demand or any relevant period‟s demand must be estimatedfirst before the purchases, production and expenses budgets can be Plant capacity: Is a critical factor especially in small firms in high Read more

Management Accounting Block Revision Mock Exams
Mar 16

Equipment units.

Teacher MartinLeave a commentCost/Management accounting

 Equivalent units: This is the number of equivalent fully complete units which the partly complete units represent. They are calculated as physical units x percentage of completion. The concept of equivalent units enables the accurate valuation of closing work in Read more

Management Accounting Block Revision Mock Exams
Mar 16

Abnormal loss

Teacher MartinLeave a commentCost/Management accounting

Abnormal loss: Are losses that can be avoided during the production process and cannot therefore be termed as normal process losses. These cannot be foreseen and they are above the expected/normal losses. Abnormal loss = Actual loss – Normal loss. Read more

Management Accounting Block Revision Mock Exams
Mar 16

Normal loss

Teacher MartinLeave a commentCost/Management accounting

Normal Loss: Refers to unavoidable losses arising from the nature of the Production process, thus it is necessary that they are charged as part of the cost of production. Any value realised from the sale of normal loss items should Read more

Management Accounting Block Revision Mock Exams
Mar 16

What is a JIT system of stock management?

adminLeave a commentCost/Management accounting

Just-In-Time is a stock management system in which production parts are received as needed rather than building up inventories. It is a demand pull manufacturing system in which each component in a production line is produced immediately as needed by Read more

Management Accounting Block Revision Mock Exams
Mar 16

Explain 5 basis of overhead absorption.

adminLeave a commentCost/Management accounting

Five basis of absorbing overhead costs: (i) Percentage of direct material costs =

Management Accounting Block Revision Mock Exams
Mar 15

With reference to accounting for overheads in the cost centers of an organisation, explain the relevance of activity based costing (ABC) in allocating costs to products.

adminLeave a commentCost/Management accounting

Activity based costing is a method of costing products in which an attempt is made to reflect more accurately in the product costs those, activities which influence the level of overheads. It refines the costing systems of products by focusing Read more

Management Accounting Block Revision Mock Exams
Mar 15

Identify and briefly explain five critical success factors that you may encounter during the budgeting process.

adminLeave a commentCost/Management accounting

Five key factors that affect the budgeting process: i) Demand: the annual demand or any relevant period‟s demand must be estimated first before the purchases, products and expenses budgets can be prepared. ii) Plant Capacity: Is a critical factor especially Read more

Management Accounting Block Revision Mock Exams
Mar 15

What is meant by the term “critical success factor” (CSF) as used in the budgeting process?

adminLeave a commentCost/Management accounting

Key factor also called the Critical Success Factor (CSF) or the Critical Constrain Factor (CCF) refers to the main factor that will have to be considered and incorporated into the budgets to ensure that the prepared budgets are reasonable and Read more

Management Accounting Block Revision Mock Exams
Mar 15

What are the main duties of a budget committee?

Teacher MartinLeave a commentCost/Management accounting

The Budget Committee formulates the general programme for the preparation of the budget. It performs the following duties: • Co-coordinating the whole budget preparation process. • Issuing budget preparation guidelines to the budgeting officers. • Providing historical information and forecasts Read more

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