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Answer :

 Sales                                              64,000

Raw materials                 15,000

Direct wages                    6,000

Variable and fixed OH   10,000

Administrative overheads 9000

Profit                                24,000

Q6. Write the differences between absorption costing and management costing.

Answer : What is Absorption Costing?

A management cost accounting method of expensing all the costs related with the production of a particular product is known as absorption costing. Absorption costing utilizes the total overhead costs and total direct costs related with producing a product as the cost base. The GAAP need absorption costing for external reporting. Generally accepted accounting principles (GAAP) require the absorption costing for the external reporting.

ABSORPTION COSTING VS MARGINAL COSTING

Limitations of Absorption Costing–

1) In practice, this method employs highly arbitrary method of apportionment of overhead. This reduces the practical utility of cost data for control purposes.
2) Under absorption costing, fixed cost relating to closing stock is carried forward to the next year. Similarly, fixed cost relating to opening stock is charged to current year instead of previous year. Thus under this method, all the fixed cost is not charged against the revenue of the year in which they are incurred. It is an unsound practice.
3) Under the absorption costing collection of cost data is not very useful fir decision making., because the process of assigning product cost a reasonable share of fixed overhead obscures cost-volume-profit relationship.
4) Under the absorption costing, behavior pattern of cost is not highlighted and thus many s\situations which can be utilized under the marginal costing are likely to go unnoticed under the absorption costing.

Answer : In financial accounting, operating cash flow (OCF), cash flow provided by operations or cash flow from operating activities (CFO), refers to the amount of cash a company generates from the revenues it brings in, excluding costs associated with long-term investment on capital items or investment in securities. The International Financial Reporting Standards defines operating cash flow as cash generated from operations less taxation and interest paid, investment income received and less dividends paid gives rise to operating cash flows. To calculate cash generated from operations, one must calculate cash generated from customers and cash paid to suppliers. The difference between the two reflects cash generated from operations.

CFO = -38,000 – 8,000 -1,200 – 22,000 – 600 = -69,800

So, we get net cash lost in operating activities of -69,800.

Answer :

Here we can see the table with some formulas.

Current Ratio                           current assets/current liabilities                            2,5

(current assets – inventory)/current

Liquidity Ratio                         Liabilities                                                              1,5

Net Working Capital                 current assets – current liabilities                             300000

Stock Turnover Ratio                net sales/inventory                                               6

Ratio of Gross Profit to Sales   (revenue – cost of goods)/net sales                         0,2

Fixed Asset Turnover Ratio

Average                                      net sales/fixed assets                                              2

Debt collection period                (Average Debtors / Credit Sales) x 365                2

Fixed Assets to Net Worth          fixed assets/(total assets – total

Liabilities)                                                0,8

Reserve and Surplus to             Capital Reserve and Surplus to Capital               0,5

B/S                              Balance                                                           1100000

Using these formulas we can calculate:

Current assets           500000

Inventory                  200000

Current liabilities      200000

Net sales                   1200000

Gross profit              240000

Fixed assets              600000

So, we can build the balance sheet.

                                                           Balance

Fixed assets                                  600000

Current assets and inventory        500000

Total Assets:                              1100000

Current liabilities                         200000

Capital                                          480000

Long-term liabilities and other     420000

Total Liabilities:                          1100000

When an error is discovered in the accounting records, it should be corrected immediately to prevent wrong data which will result to unreliable financial statements. This is done through a correcting entry.
A correcting entry is a journal entry whose purpose is to rectify the effect of an incorrect entry previously made.
The correcting entries will be:
a) Accounts Payable               10
Cash                        10
b) Accounts Payable                9
c) Buildings                            158
Repairs                   158
d) Accounts Payable     80
Purchases                           80
e) Sales                               125.05
f)  Cash                       125.05
Total of suspense a/c = 78.74

Answer:- Role of entrepreneurs – Entrepreneurs occupy a central position in a market economy. For it’s the entrepreneurs who serve as the spark plug in the economy’s engine, activating and stimulating all economic activity. The economic success of nations worldwide is the result of encouraging and rewarding the entrepreneurial instinct.A society is prosperous only to the degree to which it rewards and encourages entrepreneurial activity because it is the entrepreneurs and their activities that are the critical determinant of the level of success, prosperity, growth and opportunity in any economy. The most dynamic societies in the world are the ones that have the most entrepreneurs, plus the economic and legal structure to encourage and motivate entrepreneurs to greater activities. (more…)

Answer: – Meaning of Special events- Special events help marketers build brand image and awareness for their products, as well as helping generate trade merchandising.  Examples of special events include:

Example-  Sponsorship (racing team, bat days, etc.) – can help achieve short-term business gains.  The customer/consumer response is usually positive; however, no “ownership” is possible since several marketers are working with teams to provide special events.  Brands must develop new and distinctive tie-ins to effectively compete as a sponsor. (more…)

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Answer:- Introduction to event management- Event management is the application of project managementto the creation and development of festivals, events and conferences.Event management involves studying the intricacies of the brand, identifying the target audience, devising the event concept, planning the logistics and coordinating the technical aspects before actually launching the event.Post-event analysis and ensuring a return on investment have become significant drivers for the event industry (more…)