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Cost Accounting Obj
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1-10 CACDCABCDA
11-20 ABCDCAAABC
21-30 CCDABCABAB
31-40 CABACDCABD
41-50 BBBCACDDBC
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… SECTION A.
Q1a.The duties of a stock keeper are:
i. Maintaining materials in a tidy manner
ii. Issuing materials against duly authorised material requisition..
iii. Preventing the entering of an authorise person
iv. Advising management on obsolete and slow moving
V. Maintaining proper records of stock…
Q1bi..Periodic Stock taking… This is the checking of inventory or material by management in a yearly basic… It is sometimes called annual stock taking..
Bii Continues stock taking… This is also know as perpetual stock taking… This is the checking of stock by management in a regular basics.. That is monthly, weekly and daily
1C)
Period stock taking
Advantage
-It is less expensive
-Since stock are counted producers say one year this may prevent the job of being board
Continue stock taking
Advantage
-under stocking can be prevented
-Discrepancies are quickly discover
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3C
Advantage
*A standard costing is a rule of measurement established by authority, which provides a yardstick for performance evaluation.
* Standard costing system minimizes the wastage by detecting variance and suggesting for corrective actions.
* Under the standard costing system, cost centers are established and responsibility is assigned to the concerned departments and persons and thus it helps to increase the effective delegation of authority.
Disadvantage
* Standard costing system may be tedious, expensive and time consuming to install and keep up to date.
* The standard costing system controls the operating part of an organization only as it ignores the other items like quality, lead-time, service, customer satisfaction and so on.
* The standard costing system will become less useful in modern factories where the just in time principles are adopted.
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