ACC5MCR Management and Cost Reporting
Semester 2 2016
Solutions to Category A Tutorial Questions
Tutorial 3
EXERCISE 4.23 (15 minutes) Job versus process costing
1
A manufacturer of swimming pool chemicals would use process costing, as there are a limited
ACC5MCR
Lecture Problems Standard Costing
(Source: Horngren, Datar, Foster, Rajan and Ittner, 2008. pp.246-247)
O,Shea Company manufactures ceramic vases. It uses a standard costing
system when developing its flexible-budget amounts. In April 2009, 2,000
ACC5MCR Management and Cost Reporting
Semester 2 2016
Solutions to Category B (self study) Questions
Tutorial 3
EXERCISE 4.28 (15 minutes) Process costing; no work in process: manufacturer
1
Mixing department costs
=
$66 300/70 000 = $0.947*
Packing depar
Tests of control
Modern Auditing & Assurance Services
6th edition Leung et al.
Chapter 11
Learning objectives
1.
Explain the relationship between control risk
assessment and audit strategy.
2.
Describe the purpose of tests of controls and the
nature, timi
Designing Substantive
Procedures
Modern Auditing & Assurance Services
6th edition Leung et al
Chapter 12
Learning objectives
Describe and apply a general framework for
developing audit programs for substantive
procedures.
Indicate how the nature, timing
Example 1:
The following unadjusted trial balance is available for Sis Knitting Service Ltd.:
Sis Knitting Service Ltd
Unadjusted Trial Balance
30th June, 2015
Cash
Accounts Receivable
54,680
193,000
Prepaid Insurance
36,000
Buildings
80,000
Accumulated D
Overview of the audit of
financial reports
Modern Auditing & Assurance Services
Leung et al.
Chapter 6
Learning objectives
Explain the appointment, removal and
resignation of the auditors.
State the auditors duties.
Understand the importance of auditing
s
Illustrative Example 3.2: Adapted from Leo et al. (2009), p. 110-120, 543-548.
The unadjusted trial balance of Petunia Ltd is given below:
PETUNIA LTD
Unadjusted Trial Balance
as at 30 June 2011
Debit
$
Ordinary share capital (400000 shares issued for $1)
Auditing Sales and
Receivables
Modern Auditing & Assurance Services
6th edition Leung et al
Chapter 14
Learning objectives
Identify the audit objectives applicable to
sales and receivables
Describe the functions and control
procedures normally found in i
Accounting for foreign
currency transactions
AASB 121, AASB 139, AASB 9 & AASB
123
1
Australian company why the
currency shown in US$ ?
Objectives of this lecture
The reason to translate foreign currency transactions into
Australian dollars
Transactions d
ACC5MCR Management and Cost Reporting
Semester 2 2016
Solutions to Category A Tutorial Questions
Tutorial 4
EXERCISE 5.21 (10 minutes) Physical flow of units: manufacturer
The general formula for all three cases is the following:
Work in process,
beginnin
ACC5MCR
Management and Cost Reporting
Lecture 6 Standard Costs for Control :
Flexible Budgets and Manufacturing
Overhead
THANK
YOU
Dr. Judy Louie
La Trobe Business School
Contact
INNOVATIVE RESPONSIBLE ENGAGED
CRICOS Provider 00115M
Quiz - Review
1. The f
ACC5MCR Management and Cost Reporting
Semester 2 2016
Solutions to Category A Tutorial Questions
Tutorial 6
11.1 A static budget is based on only one level of activity. A flexible budget allows for several different levels of activity.
The advantage of us
CRITICALLY REVIEWING AN ACADEMIC ARTICLE
Article: Reference details
DeChurch, L. A. & Marks, M. A. 2001. Maximizing the benefits
of task conflict: The role of conflict management, The
International Journal of Conflict Management, 12(1), 4-22.
Summarise th
ACC5MCR
ThisCost
presentation
will be
Management
Reporting
THANK
YOU
posted on the LMS later
Semester
2 2016
today,
so there is no real need
Robert Cornick FCPA
FCMA
for you
to take notes.
Welcome
Professor of Practice
It is also
being recorded via
La Tro
Welcome
ACC5MCR
Management & Cost Reporting
thank
you
presentation will be posted on the
SemesterThis
2 2016
LMS tomorrow, so there is no real need
for youCosting
to take notes.
Lecture 3: Process
& Service Costing
It isFCPA
also being
recorded via the EC
ACC5MCR
Management and Cost Reporting
Lecture 5 Budgeting, Standard Cost for
Control
THANK
YOU
Dr. Judy Louie
La Trobe Business School
Contact
INNOVATIVE RESPONSIBLE ENGAGED
CRICOS Provider 00115M
Quiz Revision
Question 1.
The Browning Company manufacture
ACC5MCR Management and Cost Reporting
Semester 2 2016
Solutions to Category B (self study) Questions
Tutorial 1
EXERCISE 1.26 (20 minutes) Management accounting information
1
Estimates of how long it would take to clean the store, how much it would cost t
ACC5MCR Management and Cost Reporting
Semester 2 2016
Solutions to Category B (self study) Questions
Tutorial 4
EXERCISE 5.22 (15 minutes) Equivalent units; FIFO and weighted average: manufacturer
1
7000 equivalent units (refer to (c) in the following tab
ACC5MCR Management and Cost Reporting
Semester 2 2016
Solutions to Category B (self study) Questions
Tutorial 5
EXERCISE 9.24 (30 minutes) Budgeted financial statements: retailer
1
Budgeted cash receipts for December:
Month of sale
Collections in December
ACC5MCR Management and Cost Reporting
Semester 2 2016
Solutions to Category A Tutorial Questions
Tutorial 5
9.13 Some managers may see budgeting as a constraint on creativity. However, in large organisations
in particular, budgeting provides an important
Materiality and audit
evidence
Modern Auditing & Assurance Services
6th edition Leung et al.
Chapter 10
Learning objectives
1.
Define the concept of materiality and its relationship
with audit evidence.
2.
Describe alternative audit strategies.
3.
Indicat
