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Costs and Revenues Assignment (Doc)

   

Added on  2020-10-22

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COSTS AND REVENUES
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 The purpose of internal reporting and providing accurate information to management.......11.2 Relationship between the various costing systems with in business.....................................11.3 the responsibility centres, cost centres and investment centres with in organisation............21.4 The characteristics of various kind of cost classifications and its use in costing..................21.5 The difference between marginal and absorption costing.....................................................2TASK 2............................................................................................................................................32.1 Cost details for labour, material and expenses as per the organisation's costing procedure..32.2 Analysis of cost information as labour, material and expenses as per the organisation'scosting procedure.........................................................................................................................32.3 Various stages of inventory...................................................................................................42.4 Valuation of inventories by using inventory valuation methods...........................................42.5 Behaviour of cost...................................................................................................................52.6 Cost information by using costing system.............................................................................5TASK 3............................................................................................................................................63.1 Overhead costs to production and service cost centres as per allocation and apportionment......................................................................................................................................................63.2 Analysis of rates in accordance with adequate bases of absorption......................................63.3 Treatment of under or over recovered overhead costs in accordance with establishedprocedures....................................................................................................................................6Over and under absorption: -.......................................................................................................73.4 Methods of allocation, apportionment and absorption at regular intervals...........................73.5 Execution with staff to resolve the questions in overhead cost data......................................7TASK 4............................................................................................................................................84.1 Comparison of budget with actual budget cost and variances...............................................84.2 Analysis of variances for management reports......................................................................84.3 Information for budget holders of significant variances making suggestions remedialactions..........................................................................................................................................8
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4.4 Formation of management report in a proper format, presenting timescales........................9TASK 5............................................................................................................................................95.1 Future income and costs for decision making using..............................................................95.2 Effect of changing activity levels on unit cost.....................................................................105.3 Evaluation of factors affecting short term and long-term decision making.........................105.4 Factors affecting short-term and long-term decision making..............................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
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INTRODUCTIONCost indicates towards expensed incurred for a particular event, transaction inorganisational context. Revenue is recognised as a consideration of levied expenses in operations(Amico, Chilingerian and Van Hasselt, 2014). Nature and role of costing system with inorganisational context are defined in this report. Cost records and applications are also analysedwith in organisational context. It contains the appropriation of cost according to organisationalrequirements. Cost and revenues with proper organisational requirements are also considered inthis report. Allocation and appropriation cost by applying accounting concepts and observationsare also analysed with practical based examples. Use of information generated form costingsystem for decision making also defined in this report. TASK 11.1 The purpose of internal reporting and providing accurate information to managementMotivation behind inner detailing: Internal revealing is directed in all the businesselements to dissect that association is performing great or not. In the event that it isn't great, keychoices can be taken by the supervisors so as to enhance it. Reason for giving exact data to the board: It is essential to give precise, solid and fittingdata to the administration. Fundamental motivation behind this, is to encourage administrators insettling on right choices for business and its improvement. 1.2 Relationship between the various costing systems with in businessAll the business elements utilize two noteworthy sort of costing framework these areemployment and process costing frameworks. Them two are interrelated with one another. Inemployment costing material, work and overheads are recorded for each errand which isperformed by the organization. In second strategy every one of these components are decipheredfor whole creation methodology (Elliott and Santos, 2012). At the point when chiefs have any issue seeing generation process as brief data isrecorded in it, at that point work costing can be utilized to get proper data for each costconsequently both are identified with one another. 1
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