Slide 37.1 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Divisions.

Slides:

Advertisements

Similar presentations

Learning objectives After you have studied this chapter, you should be able to: Explain the terms returns inwards, returns outwards, carriage inwards and.

Advertisements

 prepared by those organisations  that manufacture goods.  they prepare another account called  the manufacturing account  in addition to the trading,

Chapter 25 Bad debts, allowances for doubtful debts, and provisions for discounts on accounts receivable.

Manufacturing Account

... Overhead oo Works overhead Distribution overhead Administration overhead Indirect labour Indirect expenses Indirect material Selling overhead Administration.

Goodwill Goodwill is an intangible asset. It can only exist if the business was purchased and the amount paid was greater than the value of the net assets.

Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 12 th Edition, © Pearson Education Limited 2012 Slide 37.1 Chapter 37 Manufacturing accounts.

Chapter 33 Suspense accounts and errors

Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 12 th Edition, © Pearson Education Limited 2012 Slide 16.1 Chapter 16 Returns day books.

Financial Accounting 1 Lecture – 33 Question Following trial balance has been extracted from the books of Javed Furniture Manufacturers on June 30, 2002.

Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 12 th Edition, © Pearson Education Limited 2012 Slide 34.1 Chapter 34 Introduction to.

Copyright  2004 McGraw-Hill Australia Pty Ltd PPTs t/a Accounting for Business – A non-accountant’s guide 2/e by Jopling, Lucas and Norton Slides prepared.

Chapter 3 Inventory Chapter 3 Inventory.

Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 12 th Edition, © Pearson Education Limited 2012 Slide 38.1 Chapter 38 Departmental accounts.

Chapter 39 Statements of cash flows

Chapter 15 Purchases day book and purchases ledger

Chapter 27 Double entry records for depreciation

OVERHEAD ANALYSIS Objectives of Cost Accounting: To calculate the cost of any work-in-progress To attempt to control costs by comparing actual with estimated.

COST SHEET Samir K Mahajan. COMPONENTS OF TOTAL COST  Prime cost or Direct cost : It is the aggregate of direct material cost, direct labour cost and.

Copyright  2003 McGraw-Hill Australia Pty Ltd PPTs t/a Budgeting, second edition, by Banks & Giliberti Slides prepared by Mya Aronfeld 6-1 Chapter 6 Master.

1. 2  Business which buy raw materials and convert these into finished products which then sold 3.

Lecture 05. Lecture 04 Service vs Merchandising Business Accounts on the Income Statement Terms used in merchandizing Sample income statement Computation.

© The McGraw-Hill Companies, Inc., 2002 McGraw-Hill/Irwin Management Accounting: A Business Partner Chapter 16.

INTRODUCTION TO COST/MANAGEMENT ACCOUNTING Financial Accounting is mainly concerned with the “stewardship” function of a business – that is, accounting.

Manufacturing Accounts

Manufacturing accounts

Supplies of raw materials Manufacturing a/c  calculate the production cost A Manufacturing firm (make the product) Customers.

Production, Marketing and Administrative costs Manufacturing companies convert materials into finished goods. There are two type of costs involved here:

Prepared by Diane Tanner University of North Florida Review Concepts Basic Cost Terminology.

£100 £500 £200 £1000 £750 £2000 £8000 £4000 £32,000 £16,000 £64,000 £250,000 £125,000 £1,000,000 £500,000 50:50 A. Trading Account The words Raw materials,

1 Manufacturing Account. 2 Production Cost Production cost = Prime cost / Direct cost + Factory overhead expenses / Indirect cost.

CONCEPTS,CLASSIFICATIONS AND COST SHEET.  For proper control and managerial decisions, management is to be provided with necessary data to analyze and.

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin Financial & Managerial Accounting The Basis for Business Decisions FOURTEENTH EDITION Williams.

BUSINESS ORGANISATIONS  Up until now we have dealt with the accounts of: Sole Traders Partnerships Companies  These businesses purchase stock and hope.

Manufacturing Account LECTURE 2 Issah Hamdu Faculty of Business Management and Globalization Tel : (Ext 8403)

Pricing products Cost Behaviour 1.Direct Labour and Direct Materials are Variable Costs: – Expenses that tend to change in direct proportion to the volume.

Slide 26.1 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Causes.

© The McGraw-Hill Companies, Inc., 2005 McGraw-Hill/Irwin 16-1 MANAGEMENT ACCOUNTING: A BUSINESS PARTNER Chapter 16.

Manufacturing Account Minimum Knowledge Requirement Knowledge of Double Entry System Knowledge of Final Account.

. Cost terms, Concepts and Classifications Topic Two by Dr. Ong Tze San

Slide 10.1 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Objectivity.

Management Accounting One

Cost Terms, Concepts, and Classifications Chapter 2.

© 2007 Pearson Education Canada Slide 4-1 Cost Management Systems 4.

Accounting for Manufacturing Business Lecture 24.

Financial Accounting 1 Lecture – 44 Working Land= 0 Building= 15, ,775= 5,040 x 10% = 504 Plant & Mach.= 52, ,315= 5,059 x 15% = 759 2,262.

PROF. MS. TRUPTI NAIK Accounting Terms (Semester I)

2-1 Copyright © 2004 by Nelson, a division of Thomson Canada Limited. Basic Management Accounting Concepts 2 PowerPresentation® prepared by David J. McConomy,

Slide 12.1 Frank Wood and Alan Sangster, Business Accounting, Volume 2, 11 th Edition, © Pearson Education Limited 2008 Financial statement formats The.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 11.1Slide Manufacturing Costs Calculate prime cost and total manufacturing costs Distribute factory.

COST SHEET Samir K Mahajan. COMPONENTS OF TOTAL COST  Prime cost or Direct cost : It is the aggregate of direct material cost, direct labour cost and.

Slide 8.1 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 No double.

Slide 27.1 Frank Wood and Alan Sangster, Business Accounting, Volume 2, 11 th Edition, © Pearson Education Limited 2008 Ratios and interested groups.

NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. KAPP.

Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 12 th Edition, © Pearson Education Limited 2012 Slide 35.1 Chapter 35 Single entry and.

An Introduction to Cost Terms and Purposes © 2009 Pearson Prentice Hall. All rights reserved.

Cost & Management Accounting

Chapter 2 Basic Cost Management Concepts

Cost of Goods Sold Statement

Basic Cost Management Concepts

The Profit and Loss Account

Chapter 6 Master budget for manufacturing organisations

Managerial Accounting Concepts and Principles

Chapter 8 Accounting for overhead

A-level Accounting Year 13

Manufacturing Accounts

Cost Accounting-I Examples.

Product Costing Session Five MBA 502B Managerial Accounting

Cost & Management Accounting

Presentation transcript:

Slide 37.1 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Divisions of costs

Slide 37.2 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Direct and indirect costs The sum of all the direct costs is known as the prime cost. A cost that cannot be easily traced to the item being manufactured is known as an indirect cost.

Slide 37.3 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Indirect manufacturing costs Examples are: Wages of cleaners Wages of crane drivers Rent of a factory Deprecation of plant and machinery Costs of operating forklift trucks Factory power Factory lighting.

Slide 37.4 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Format of manufacturing account This is debited with the production cost of goods completed during the accounting period. It contains costs of: Direct materials Direct labour Direct expenses Indirect manufacturing costs.

Slide 37.5 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Format of trading account This account includes: Production cost brought down from the manufacturing account Opening and closing inventory of finished goods Sales.

Slide 37.6 Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11 th Edition © Pearson Education Limited 2008 Format of profit and loss account This includes: Gross profit brought down from the trading account All administration expenses All selling and distribution expenses All financial charges.