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AIOU SOLVED ASSIGNMENT CODE 462 COST ACCOUNTING

AIOU SOLVED ASSIGNMENT CODE 462 (COST ACCOUNTING)

SOLVED ASSIGNMENT CODE 462

 

Q 1: Answer

  1. Answer:

Definition: Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a. business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business – owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes.,

 

Limitation of Financial Accounting:

Financial accounting is the only branch of accounting and it is not perfect. There are large numbers Of limitations which open new way to use other tools of accounting. To know what are the main limitations of financial accounting. it is very necessary for accountants. Accountants are often blind to these limitations. So, I am covering its limitation a lot of ground.

  • Financial accounting is of historical nature: Net effect of transactions is recorded in financial accounting which has happened in Past. ‘These accounts is just postmortem of ail events of business in past .These record does not help for future planning and other managerial decisions. Financial accounting shows the Profitability of business but it is failure to tell that is it good or bad. Financial accounting is also failure to know the reasons of low profitability position.
  • Financial Accounting deals with overall profitability. Accounts of business are made by a way which shows only overall 1.7ifo1itability does not shows net profit per product, or per department or according L job. Thus to find difficult to all activities which do not give ‘profit. So, it creates inefficiency in business activities.
  • Absence of fun disclosure of facts: in financial accounting we record only those activities and transactions which we can show or describe in money. There are many other facts of business which are non financial and non monetary like efficient management, demand of products of Firm , good relations in industry good working environments which cannot be known by financial accounting.
  • Financial reports are interim report of business: Financial statements made by financial accounting are the interim report of firm’s all business work but financial position and profitability which are shown in it is not fully true .Due to adopting cost concept, all transactions are recorded on it real cost but by changing in the time: it is the need of time to adjust cost of assets and liabilities according to inflation of market. Because, financial accounting does not records according to inflation so its result does not show true position of business.
  • Incomplete knowledge of costs: From cost point of view, financial accounting is ‘incomplete. In financial accounting, accountant does not calculate each and every product’s total cost. So financial accounting does not help to determine the price of product of business.
  • No provision of cost control:  Financial accounting does not help business organization for controlling cost in it. Because, there is no provision of controlling cost in it.  In financial accounting, we write cost, if financial accounting. Except this, there is no any other way to inspect all exp.
  • Financial statements are affected from personal judgment: Many events of financial statements are affected from personal judgment of accountant. Method of calculating depreciation, rate of provision of doubtful debts and stock valuation method are decided by accountant. Thus, financial statements do not show true and lair view of business.

 

Cost accountancy:

Cost accountancy is term. It means and includes the principles, it means and include the principles, conventions, technique and systems which are employed in a business to plan and control the utilization of its resources. Cost accountancy includes several subjects. These are costing, cost accounting, cost control and cost audit.

Q 2: Answer

FIFO

DateReceivedIssuedBalance
UnitsRateRs.UnitsRateRs.UnitsRateRs.
01.10400

600

7

8

2800

4800

02.1020081600400

400

7

8

2800

3200

03.1040093600400

400

400

7

8

9

2800

3200

3600

06.10500105000400

400

400

500

7

8

9

10

2800

3200

3600

5000

15.10500

400

400

10

9

8

5000

3600

3200

40072800
21.10600116600400

600

7

11

2800

6600

60011660030072100
26.10100770020071400
30.105001260001007700200

500

7

12

1400

6000

 

LIFO

DateReceivedIssuedBalance
UnitsRateRs.UnitsRateRs.UnitsRateRs.
01.10400

600

7

11

2800

6600

02.1020081600400

400

7

8

2800

3200

03.1040093600400

400

400

7

8

9

2800

3200

3600

06.10500105000400400400500789102800320036005000 
15.10500

400

400

10

9

8

5000

3600

3200

40072800
21.10600116600400

600

7

11

2800

6600

600

100

11

7

6600

700

30072100
26.10100770020071400
30.10500126000200

500

7

12

1400

6000

 

AVERAGE

DateReceivedIssuedBalance
UnitsRateRs.UnitsRateRs.UnitsRateRs.
01.1010007.507500
02.102007.5015008007.56000
03.104009360012008.259900
06.1050010500017009.12515512
15.1013009.125118624009.1253650
21.10600116600100010.0610063
26.1070010.06704230010.063018
30.1050012600080011.038824

 

Q 3: Answer

With Algebraic

Let          A= Total cost of Department B

B = Total cost of Department A

Then      A = Rs. 4000 + 20% B …………Eq.1

B= Rs. 2600 + 10% A………….Eq.2

By Substitution B= Rs. 2600 + 20% A in eq.1 We get

A=4000+20% (2600 + 10%A)

A=4000 + 2600 x 20% + 10% x 20% A

A=4000 + 520 + 2%A

A -2% A = 4520

98% A = 4520

A = 4520 x 100/98

A = Rs. 4612

By Substituting A = Rs. 4000 + 10% B in eq.2 we get

B=Rs 2600 + 10% (4000 + 20% B

B=2600+4000 x 10% + 10% x 20% B

B=2600 + 400 + 2% B

B= -2% B = 3000

98% B = 3000

B = 3000 x 100 / 98

B = Rs. 3061

PRODUCTION DEPARTMENTSSERVICE DEPARTMENTS
MNOXY
Department cost after
Primary DistributionSecondary DistributionServiceDeptt. XDeptt. Y7810

1384

306

12543

1845

612

4547

922

1531

4000

(4612)

612

2600

461

(3061)

9500150007000000000000

Production Hour Rate of “M”      =             9500 / 1000         =             Rs. 9.50 per hour

Production Hour Rate of “N”       =             15000 / 2500       =             Rs. 6.00 per hour

Production Hour Rate of “O”       =             7000 / 1400         =             Rs. 5.00 per hour

 

Q 4: Answer

DAYSOUTPUTPIECE RATEDAILY ERNEFFECTIVEHOURLY RTELABOR COST/UNITBONUSEARNED
MONDAY2100.408410.500.40360.00
TUESDAY2400.409612.000.4072.00
WEDNESDAY2620.48125.8015.700.4872.00
THURSADY2700.48129.616.200.48115.20
FRIDAY3000.4814818.500.48115.20
Incentive Plan490.00

 

Q 5: Answer

  1. A) MANUFACTURING CYCLE

Manufacturing cycle is the complete cycle of processes which are involved from the very beginning of placing an order to the other extreme of the manufactured product going into the hands of the end consumer. The manufacturing cycle typically occurs at the distributor/manufacturer or retailer/manufacturer interface and includes all processes involved in replenishing distributor or retailer inventory. The manufacturing cycle is triggered by customer orders, replenishment orders from a retailer or distributor or by the forecast of customer demand and current product availability in the manufacturer’s finished warehouse.

TRADE CYLE

The trade cycle or economic cycle refers to the fluctuations of economic activity about its long term growth tread. The cycle involved shifts over time between periods of relatively rapid growth of output and periods of relative stagnation or decline. The fluctuations are often measured using the real gross domestic product.

Manufacturing CycleTrade Cycle
1)      Manufacturing cycle is only for distributor/manufacturer2)      In manufacturing cycle the distributor are involves in the production.3)      Manufacturing cycle is used for the customer demand4)      In Manufacturing cycle the product are making on demand of distributor1-Trade cycles are used for economic growth.2-Trade cycle is used for long time growth of the product.3-Trade cycle is used for the economic     demand.4-Trade cycles are used for the demand of people. 

 

 

Q 5 B: Answer

TARIQ LTD.,

INCOME STATEMENT

FOR THE YEAR ENDED ON DEC 2013

 SalesLess: CGS Amount in Rs.12000000

      9600000

Gross Profit 2400000
Less: Operating Exp.          Marketing Exp.          Admin Exp. 600000

 562500

  

1162500

Net Profit from OperatingLess: Interest on bonds Payable 1237500

 37500

Net Income Before Tax. 1200000

 ASSIGNMENT # 02 CODE 462

السَّلآمُ عَلَيْكُمْ وَرَحْمَةُ الله وبَرَكآتُه. Assalam-O-Alaikum, Dear, Students we are providing free of cost solved assignments. Get it & Share it. For More Assignments Stay Connect with us. "DON'T MISS NAMAZ" https://www.fb.com/jutt.lyallpuriya

36 Comments
  1. Reply
    hassan javed February 24, 2015 at 7:55 am

    thanx sr for helping . a lot of

  2. Reply
    aleem khan March 13, 2015 at 7:29 am

    thanks alot for ur help…….

  3. Reply
    yasir ch March 18, 2015 at 5:06 am

    Thnx alot sir for my help but m cost accounting 462 ki 2nd assignment nai le pa rha hn wo khan sy milly gi…?

    • Reply
      Error March 18, 2015 at 7:41 am

      Dear student thank you for your visit to our site. 2nd assignment will be uploaded soon, keep your visit regular.

      • Reply
        hassam javaid March 29, 2015 at 5:08 pm

        When u send second assignment of cost accounting code 462

      • Reply
        irfab March 28, 2015 at 2:31 pm

        Sir 2nd assignment KB tk mil jaegi

        • Error March 29, 2015 at 5:40 am

          Which assignments you require.

        • irfan March 30, 2015 at 7:37 am

          Sir cost accounting ki 2nd wali chahiye mujhy….

  4. Reply
    anjum March 29, 2015 at 2:02 pm

    Thankx sir you are really life saver thank you a lot. Pleazz sir post assignment no 2 thanks again may God protect you.

  5. Reply
    asad April 3, 2015 at 9:37 pm

    when will u post 2 assignment of cost accounting?i need it n thanks for the first assignment

  6. Reply
    irfan April 4, 2015 at 3:37 pm

    Sir plzzz mujhy 2nd assignment chahiye ap KB to krdaengy mujhy…

  7. Reply
    maham April 5, 2015 at 1:26 pm

    i want 2nd assignment of cost accounting

    • Reply
      irfan April 6, 2015 at 1:31 pm

      Maham apko cost ki 2nd assignment mil gai

  8. Reply
    anjum April 7, 2015 at 7:04 am

    sir pleazz cost accounting ki 2nd assignment uipload kar dain pleazz sir soo kind of u…. i will be great full to u

    • Reply
      Sahrish October 18, 2015 at 12:28 pm

      mne mail ki he plz send me plzzzzzzzz

    • Reply
      Fehmida nazir October 3, 2015 at 10:08 am

      Mujhy chahiye dy do plz.

    • Reply
      rafaqat May 6, 2015 at 6:04 am

      462 ki 2 assignment send kr do plz

    • Reply
      maria May 2, 2015 at 7:23 am

      plz muja cost accounting ki 2nd assignment chaya. as soon as posible

    • Reply
      Govind Ram April 7, 2015 at 11:28 am

      dear plz send men 2nd assignment,, plz plz

      • Reply
        Error April 7, 2015 at 12:45 pm

        Thanks for your visit.
        Assignment Will be with you soon.

        • Hassam April 26, 2015 at 1:16 pm

          Sir
          . please send urgently the assignment of cost accounting code 462 last date of submission of is near. Almost two days left
          Please. Send this assignment urgent

    • Reply
      Error April 7, 2015 at 7:53 am

      Nice

  9. Reply
    anjum April 18, 2015 at 2:02 pm

    sir kar dain pleazzzz
    last date anay wali hay

  10. Reply
    maria May 2, 2015 at 5:19 am

    Plz send me 2nd cost accounting assignment as soon as possible

  11. Reply
    Malik July 22, 2015 at 3:04 pm

    VERY NICE THANK YOU

  12. Reply
    Malik July 22, 2015 at 4:20 pm

    I THINK THERE IS PROBLEM IN FIFO METHOD IN 11 OCTOBER ISSUE 1300 UNIT SO MUST ISSUE THAT UNIT WHICH COME FIRST LIKE 400 UNIT OF RATE 7 AND THEN 400 RATE 8 AND THEN 400 RATE 9 AND 100 RATE 10

  13. Reply
    imtiyaz August 11, 2015 at 3:34 pm

    aoa, sir please upload 462 assignments for semester spring 2105

    • Reply
      Error August 11, 2015 at 4:38 pm

      assignment will be uploaded very soon, keep your visit rgular

  14. Reply
    adil butt September 28, 2015 at 11:01 pm

    sir plz send 2nd assingnment

  15. Reply
    somiya October 11, 2015 at 9:34 am

    assalam o alaikum sir,
    mujhy b.com k 4th semester ki assignment 462 ki second part k unit 5 say 10 tk bhaijh dain mere assighmnt ki last date 2 din baad hai plz sir.

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