Cost And Management Accountıng

Yanıt Açıklaması: The correct answer is B. Cost is the sacrifice, measured by the price paid or to be paid, to acquire goods or services. The expense is defined as a noun, a decrease in owners’ equity accompanying the decrease in net assets caused by selling goods or rendering services or by the passage of time.

Yanıt Açıklaması: Determination of production is not among the expenses for raw materials and supplies can be traced within a four-step approach.

Yanıt Açıklaması: Indirect costs: These are the costs that are not directly identified with a cost object.

Yanıt Açıklaması: Cost is a resource sacrificed or forfeit to achieve a specific objective.

Yanıt Açıklaması: Basic pay, overtime pay and production and efficiency payment are directly related to the actual work of the employee.

Yanıt Açıklaması: Direct material costs are the costs of the material used in the product which can be easily traced.

Yanıt Açıklaması: Materials Request Slip is used for drawing materials from the warehouse.

Yanıt Açıklaması: Then cost object is the product to which costs are allocated. The basis that is used to allocate costs to cost objects (i.e. the number of material receipts in our example) is called an allocation base or cost driver.

Yanıt Açıklaması: Payment per unit= 20/5=4 TL Gross Wage per month = 4x150 units=600 TL

Yanıt Açıklaması: The correct answer is B. Raw materials is inventory, work in process inventory and finished goods inventory are shown under the inventory in the balance sheet.

Yanıt Açıklaması: The correct answer to question is option A. The journal entry for the record of indirect labor cost in a manufacturing company is Manufacturing Overhead debit, Payables to Employees, Taxes and Funds Payable, Social Security Premiums Payable credit.

Yanıt Açıklaması: According to FIFO, cost of the material at the warehouse should be calculated as follows: (15 x 20 TL) + (20 x 25 TL) = 800 TL

Yanıt Açıklaması: All of them are among the key qualities of management accounting information system.

Yanıt Açıklaması: Management accounting information system has many key qualities. These are (Atrill and McLaney, 2009: 17-18): • Relevance. Management accounting informationmust havethe ability to influence decisions

Yanıt Açıklaması: The ability of the enterprises to produce the products or services that constitute the main activities is called capacity.

Yanıt Açıklaması: Budgeted fees are charged from departments for each hour of the actual use of the central facility with a single rate method.

Yanıt Açıklaması: Financial accounting produces useful financial information to external users. Whereas, cost accounting and management accounting provide information to internal users.

Yanıt Açıklaması: Manufacturing (product) cost is grouped under three headings: • Direct raw material cost • Direct labor cost • Manufacturing (factory) overhead cost

Yanıt Açıklaması: There are four following stages of a management accounting information system. In the first stage, the information is defined and recorded in the other stage, in short, the first two stages are related to the preparation of the information. The third stage is the analysis of the information and the final stage is the reporting of the information. The last two stages emerge as the use of collected information.

Yanıt Açıklaması: The process for allocating support department costs to operating departments involves the following steps: 1. Explain the purpose of the allocation. 2. Identify support and operating department cost pools. 3. Assign costs to cost pools. 4. For each support department cost pool, choose an allocation base. 5. Choose and apply a method for allocating support department costs to operating departments. 6. If relevant, allocate support costs from the operating departments to units of goods or services.