New examiner...
System
Posts: 100,534 🤖 Admin 🤖
Hi<BR><BR>I guess most of us know that there is a new examiner for our ECR papers in June this year. Just thought I'd let you know that our tutor told us to make sure we were up to scratch with Process Costing.<BR><BR>She said that it is something that was seldom tested in exams before but will almost definitely be put in this year.<BR><BR>Don't ask me how she knows it! Just wanted to share what I have been told!<BR><BR>Lynn
0
Comments
-
New examiner...
i keep hearing this about 'process costing', but i can fully understand exactly what is meant!<BR><BR>From what i understand:-<BR><BR>Materials, Labour costs.<BR>Work in progress - opening and closing<BR>Normal and abnormal losses.<BR><BR>all create process accounts- finished goods, WIP, or other process accounts.<BR><BR>So you have part completed work, which needs accounting for, as well as completed.<BR><BR>It also deals with stock control - FIFO, LIFO etc<BR><BR>Surely this is all what we have been studying as ECR<BR><BR>or is there something i am missing???<BR><BR>I know from doing past papers that there has been little testing on normal and abnormal losses, and we have very rarely had to write up the actual process account (T format 'ish!) or had to do the transfering to 'other process accounts, finished goods etc etc.<BR><BR>Is this what it is likely to be????<BR><BR>Confused.<BR><BR>Can anyone please tell me what i am missing from the above to study as 'process costing' ?<BR>Thanks in advance.<BR><BR>Shaz0 -
New examiner...
Where did you's find out that there is a new examiner for unit 6 ECR. I am doing home study and knew nothing about it! Is there an article or anything to read regarding what is likely to appear in the exam now?<BR><BR>Cheers<BR>Ally0 -
New examiner...
It's come from the tutors, Ally.<BR><BR>I think one of the other key items in process costing is that you include the number of units as a separate column in the T accounts.<BR><BR>Also, watch out for the difference between normal and abnormal losses when you sell losses for scrap value. Normal losses are recorded at their scrap cost, but abnormal losses are recorded at the expected cost of good products. The difference is then written off against the P&L.<BR>0 -
New examiner...
Us lot at Salisbury have been told of the new examiner; we were advised that there will be loads more writing as opposed to calculating in the ECR exam in June.<BR><BR>This was backed up by a few lines in the latest edition of PQ Magazine, which says:<BR><BR>"FRA - The examiner likes journals and dispsoal of fixed assets, but also look out for bad and doubtful debt questions. Also more VAT is likely to be included.<BR><BR>ECR - A stock card will not necessarily be included in section 1. However same other subjects likely to be tested with more variety. More discursive questions likely"<BR><BR>Page 15 PQ Magazine May 2005 refers<BR><BR>Process Costing I would say is a defo in ECR reading between the various lines our tutor has given us.0 -
New examiner...
I have also been told that marginal costing may come into it0