(a) What are the essential features of a good Cost Accounting System? (b) Steel Heart Pvt....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
(a) What are the essential features of a good Cost Accounting System? (b) Steel Heart Pvt. Ltd. is manufacturing TMT bars from MS Ingots and MS Billets. After production of TMT bars, sorting is carried out to find any defects or units do not match with standard specification. The products which do not match with the standard product specification are treated as scrap. You are required to state the treatment of the products which do not match with the product specifications in Cost Accounts. (c) What are the essential pre-requisites of integrated accounting system? (a) What are the essential features of a good Cost Accounting System? (b) Steel Heart Pvt. Ltd. is manufacturing TMT bars from MS Ingots and MS Billets. After production of TMT bars, sorting is carried out to find any defects or units do not match with standard specification. The products which do not match with the standard product specification are treated as scrap. You are required to state the treatment of the products which do not match with the product specifications in Cost Accounts. (c) What are the essential pre-requisites of integrated accounting system?
Expert Answer:
Answer rating: 100% (QA)
A B Scrap is described as waste from some forms of manufacturing that is recoverable without further processing and is usually of small quantity and low value Scrap can be accounted for in a variety o... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
The actual variable cost of goods sold for a product was $ 70 per unit, while the planned variable cost of goods sold was $68 per unit. The volume increased by 1,200 units to 7,000 actual total...
-
A company reports ending work in process inventory of $770 and cost of goods sold of $23,404. Compute days sales in work in process inventory. Round the answer to the nearest whole day.
-
Compute ending work in process inventory for a manufacturer with the following information. Raw materials purchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $124,800 Raw materials...
-
On December 1, 2018, BEEN RICHARDS Company entered into two independent forward contracts to sell US$1,200 in 90 days or on March 1, 2019. The exchange rates available on various dates are as...
-
How do binders differ from conditional receipts?
-
A cylindrical rod of copper originally 16.0 mm (0.625 in.) in diameter is to be cold worked by drawing; the circular cross section will be maintained during deformation. A cold-worked yield strength...
-
What is the System Element Architecture (SEA) Construct? What purpose does it serve? Where is it applied?
-
Identification of Fiduciary Funds. Following is a list of fund names and descriptions of funds from comprehensive annual financial reports (CAFRs). Required For each fund, indicate which type of fund...
-
You fall asleep in class and don't wake up for 20 years. In 2018, the price for a iPhone x in the US was $800. In 2018, the price for one iPhone x in Spain was 600 Euros (its currency). WHEN you wake...
-
Assume that you have just been hired by Adams, Garitty, and Evans (AGE), a consulting firm that specializes in analyses of firms capital structures and dividend policies. Your boss has asked you to...
-
The premise of the experiment is: In a group of 10 people, present your findings with different mathematical models (eg, logistics, SI, SIS) or any other mathematical models. An initial person has a...
-
develop a master schedule like the one you see on p. 40 in the text. Make sure you consider everything on the checklist on p. 37. If you are not comfortable creating tables in WORD or using Excel for...
-
Assume that you are a consultant working for GLORY Ltd., which is investigating the possibility of releasing a new gaming console known as GR1. This system has been linked to human brain functions,...
-
BUILD an operating budgetsales budget Yogi Company manufactures luggage sets. Yogi sells its luggage sets to department stores. Yogi expects to sell 2,650 luggage sets for $420 each in January and...
-
Decide which vehicle to purchase: Your team wants to start an independent ride-hailing service like Uber and need to decide the type of vehicle to purchase. The target customer is students who need...
-
My Search Strategy for [Topic] STEP 1: Choose one of the selected topics below for this assignment. Or, if you are currently taking another class, you could use a topic from it. If you would like to...
-
6. Find an equation, in standard form, for the tangent plane to the graph of the equation g(x, y) = sin(xy) at the point P(,, 2). Simplify your answer and make it look nice :)
-
Suppose the S&P 500 futures price is 1000, = 30%, r = 5%, = 5%, T = 1, and n = 3. a. What are the prices of European calls and puts for K = $1000? Why do you find the prices to be equal? b. What...
-
On May 8, 2015, Jett Company (a U.S. company) made a credit sale to Lopez (a Mexican company). The terms of the sale required Lopez to pay 800,000 pesos on February 10, 2016. Jett prepares quarterly...
-
Refer to the information in QS and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit...
-
On January 1, 2015, Eagle borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year...
-
Determine the fundamental frequency of a uniform fixed-fixed beam carrying a mass \(M\) at the middle by applying Rayleigh's method. Use the static deflection curve for \(W(x)\).
-
Applying Rayleigh's method, determine the fundamental frequency of a cantilever beam (fixed at \(x=l\) ) whose cross-sectional area \(A(x)\) and moment of inertia \(I(x)\) vary as \(A(x)=A_{0} x /...
-
Using Rayleigh's method, estimate the fundamental frequency for the lateral vibration of a uniform beam fixed at both the ends. Assume the deflection curve to be \[W(x)=c_{1}\left(1-\cos \frac{2 \pi...
Study smarter with the SolutionInn App