Process costing
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Has anyone seen the article for process costing in tha latest issue of the accounting technician? Anyway im using it to help me revise process costing, it suggests what may be examined (if it does) to some extent but i do not understand what it means about the WIP a/cs, is all i need to revise in the article ,do u think?
Cheers
Nik
Cheers
Nik
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Comments
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Re:Process costing
What you get in the article is basically what you get in the Osborne wookbook.
Ive found ECR quite easy, the only part Ive struggled with is process a/c. When I say struggled I mean REALLY struggled. I cannot believe its going to be in the exam!..
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Re:Process costing
I was struggleing with the process costing but i recommened working through the different situations in that article it has helped me!
Cheers.
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Re:Process costing
I'm in much the same boat, process costing is the one part of Unit 6 I'm a bit weak on. Still, I know what I'll be focussing on this week
I don't expect there'll be a major part of the exam on this, but when the Chief Assessor writes an article about it in the mag then it seems like a heads-up that there'll be something.
Chrs0 -
Re:Process costing
Does anyone know where we can get any questions on this?0 -
Re:Process costing
My tutors say if you see it in the magazine then its going to be in the exam. Its not as hard as it look though, the Osborne bookgoes through it really well and has loads of test questions. I suspect if they do set a process costing exam it will be a basic one0 -
Re:Process costing
Hi i cant remember doing process costing, any one like to remind me, then perhaps i will remember what it is.
aly :oops:0 -
Re:Process costing
Hi process costing, abnormal losses, abnormal gains, normal losses etc, there are 7 different variations
input cost/expected output
input cost - scrap value/expected output.
Jog any memories? If not let me know0 -
Re:Process costing
Hay,
What is all this about process costing???0 -
Re:Process costing
My tutor thinks that there is a good chance that process costing will be in the exam but it will only be fairly basic questions about no loss, normal loss and scrap value. so i'm just revising those accounts and crossing my fingers good luck everyone for tomorrow 0 -
Re:Process costing
I THINK THE PROCESS COSTING FOR THE ABNORMAL GAINS AND LOSSES WAS DIABOLICAL AS THERE WAS NOT MUCH INFORMATION AND WE HAD TO PUT OUR OWN FIGURES IN THE EXAM IS TO SHORT FOR US TO MESS AROUND WITH OUR OWN FIGURE SO AAT SCREWED UP AGIN 0 -
Re:Process costing
I disagree bigboy
You were asked to explain so you could have used examples of your own.
Little more than 3 definitions. Certainly no numbers required.0 -
Re:Process costing
I agree with Sandy here. All I did was say
Normal Loss = expected loss on a process
eg.Inputs 1000kg: Outputs 900kg: Normal Loss 100kg
Abnormal Loss = unexpected loss on a process
Inputs 1000kg:Outputs 850Kg: Normal Loss 100Kg: Annormal Loss 50kg
Abnormal Gain = unexpected gain on a process (usually = less normal loss than expected)
Inputs 1000kg:Outputs 950Kg: Normal Loss 100Kg: Abnormal Gain 50g
How hard was that? I was expecting to have to do a full process costing account so I was quite happy with the quesion.
Chris
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Re:Process costing
I revised the process costing both by ensuring that I know how to do the double entry correctly and to know the definition attached to this e.g. normal losses, abnormal losses etc. I expected to have a pratical question and possibly a written question on a deifition of the techinal terms.
It easy when you know what the term are.0 -
Re:Process costingCJC wrote:I agree with Sandy here. All I did was say
Normal Loss = expected loss on a process
eg.Inputs 1000kg: Outputs 900kg: Normal Loss 100kg
Abnormal Loss = unexpected loss on a process
Inputs 1000kg:Outputs 850Kg: Normal Loss 100Kg: Annormal Loss 50kg
Abnormal Gain = unexpected gain on a process (usually = less normal loss than expected)
Inputs 1000kg:Outputs 950Kg: Normal Loss 100Kg: Abnormal Gain 50g
How hard was that? I was expecting to have to do a full process costing account so I was quite happy with the quesion.
Chris
I did nothing like that, i gave examples with situations like abnormal loss would be if a machine broke down and production stopped for a week! Will this type of answer be ok? Im proper worried now! cheers lol0 -
Re:Process costing
The question didn't really specify what sort of example we were supposed to give. I wondered if I should have been a bit more descriptive in my answer. Still, as long as you've shown you know what the terms mean then I reckon it will be OK.
Chris0 -
Re:Process costing
I gave quite descriptive answers naming different types of examples for each one, but we must be better off then those students who had to leave the two pages blank because they hadn't covered it at their colleges.0 -
Re:Process costing
I answered this one like Chris. Afterwards I wondered whether I should have been more descriptive with my examples. But as Chris says, they didn't specify the type of example they wanted and I can't change things now so I'm not going to worry about it - what's done is done.
Carole 0 -
Re:Process costing
To be honest im sure both examples were fine, we have all shown that we understand the principle, and are we not just showing competence in the subject, as there is no clear cut right or wrong answer I dont see how they could not give us marks for both examples, they did not specify what type of example, we have all given examples, cant wait for results, im looking forward to ECR results! But my birthday is 16th not sure wether to get results emailed or open post! lol0 -
Re:Process costing
My answer is in three part to each question. Firstly, I define what they are then I give example of how that situation could occur (e.g. abnormal gain could be from better supervision) and then using number an example and what quantity would be normal loss etc
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